In a big relief to Reliance Group Chairman Anil Ambani, the Delhi High Court on Thursday stayed Insolvency & Bankruptcy Code (IBC) proceedings against the tycoon in a matter pertaining to a personal guarantee given by him against a loan taken from State Bank of India (SBI) by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL).
Ambani on Wednesday moved the Delhi HC, challenging the ‘constitutional validity’ of the ‘personal guarantee clause’ in the IBC, making the Ministry of Corporate Affairs a party to the case. He has also approached the National Company Law Appellate Tribunal (NCLAT) against an order by the Mumbai bench of National Company Law Tribunal (NCLT), allowing bankruptcy proceedings against him on Augus…
Read the full article at: https://www.businesstoday.in/current/corporate/delhi-hc-stays-insolvency-proceedings-anil-ambani-rs-1200-crore-debt/story/414240.html
