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Delhi HC stays SBI’s IBC proceedings against Anil Ambani

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New Delhi: The Delhi High Court today stayed the IBC process launched by SBI seeking enforcement of Rs 1,200 crore personal guarantee of Anil Ambani. 

A division bench of Justices Vipin Sanghi and Rajnish Bhatnagar issued the notice on a plea moved by Anil Ambani, while restricting him alienating his assets till the next day of hearing which is scheduled for October 6. 

However, IBC proceedings against the corporate debtor shall continue.

Yesterday, Anil Ambani filed a plea in the Delhi High Court against the appointment of resolution professional on personal guarantee given by him against the loan taken by Reliance Communication Ltd (RCOM) and Reliance Infratel Ltd (RITL) from State Bank of India (SBI). 

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He has also challenged the validity of the provision regarding the personal guarantee and bankruptcy and argued that there is no provision as such in the IBC for such an order.

– India Legal Bureau

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