Published: August 21, 2020 4:40:13 pm
Anil Ambani during a media interaction in Mumbai. File/Express Photo by Ganesh Shirsekar
The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the initiation of insolvency proceedings against Anil Ambani after two companies promoted by him failed to pay dues on Rs 1,200 crore that they had borrowed from State Bank of India (SBI).
The insolvency process will be initiated against Ambani as he had given personal guarantee against the loans provided to his firms.
Is this a case of personal insolvency against Anil Ambani?
The case is significant as it is one of the first cases of insolvency against a major b…
Read the full article at: https://indianexpress.com/article/explained/explained-why-anil-ambani-faces-bankruptcy-proceedings-6564283/
