Anil Ambani had given personal guarantee for loan to Reliance Communication and Reliance Infratel in 2016. In March, 2020, SBI moved National Company Law Tribunal, Mumbai Bench to recover about 1200 crores dues from Anil Ambani. NCLT, Mumbai appointed the position of Interim Insolvency Professional (IRP) to Mr. Jitender Kothari to assess Ambani's assets and liabilities. Further, Financial Creditors also approved the Resolution Plan submitted for Reliance Communication and Reliance Infratel. Ambani moved Delhi High Court against the Order of NCLT, Mumbai. In August, 2020 the Delhi High Court stayed NCLT's Order but asked Anil Ambani, not to dispose off his assets. In September, 2020 SBI approached the Supreme Court to get the Delhi High Court Order vacated.
Importance of this case is not only due to Anil Ambani's involvement in it, but it also involves the challenge to the constitutional validity of concept of personal guarantee in the Insolvency and Bankruptcy Code. It will be interesting to study the Supreme Court's view on the concept of personal guarantee in the insolvency proceedings which will certainly clear the current ambiguity on the subject.
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