The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday admitted State Bank of India’s plea to initiate a personal insolvency resolution process against Anil Ambani.The state-owned lender had moved the tribunal in 2020 to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. The admission of the petition paves the way for insolvency proceedings against Ambani in his capacity as a personal guarantor under the Insolvency and Bankruptcy Code.
The division bench of judicial member Sushil Mahadeorao Kochey and a technical member, Prabhat Kumar, had allowed the SBI’s application through oral order. The detailed order was not uploaded till the time of filing the story.
The…