Delhi HC relief for Anil Ambani

New Delhi, August 27

The Delhi High Court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) chairman Anil Ambani in relation to recovery of Rs 1,200-crore loans given by SBI to his two firms.

Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel Ltd, respectively, in August 2016.

A Bench of Justices Vipin Sanghi and Rajnish Bhatnagar also restrained Ambani from “transferring, alienating, encumbering or disposing of his assets or legal rights and interests therein till the next date of hearing”.

It issued notice to the Centre, the Insolvency and Bankruptcy Board of India and SBI seeing their stand on the plea by October 6, the next date of hearing. The court also said the proceedings would continue in relation to the corporate debtor (the companies), and while dealing with those proceedings, the liability of the petitioner-personal guarantor (Ambani) may also be examined by the IRP. — PTI

Next hearing on Oct 6

• Ambani had given personal guarantees for the Rs565 crore and Rs635 crore SBI loans to RCom and Reliance Infratel, respectively, in August 2016
• The HC has issued notice to the Centre, the Insolvency and Bankruptcy Board of India and SBI, seeking their stand on the plea by October 6, the next date of hearing