A quasi court had agreed to hear a petition by the nation’s largest lender seeking to initiate personal bankruptcy against tycoon Anil Ambani after the former billionaire failed to repay debt. But finally, the court halts the case.
Six days ago, A two-member panel of the National Company Law Tribunal, or NCLT, in Mumbai, has appointed a bankruptcy administrator to verify a claim by State Bank of India or SBI, that Ambani offered about $160 million of personal guarantees while seeking loans in 2016 for his now insolvent Reliance Communications Ltd. and Reliance Infratel Ltd., according to an order on the court’s website. The tribunal can admit Ambani into the bankruptcy process or reject the case based on the report.
Today Court has finally halted the bankruptcy case against Anil Ambani. Further updates will be provided soon.
