NEW DELHI/ MUMBAI: Delhi High Court on Thursday stayed personal bankruptcy proceedings against Anil Ambani, chairman of Reliance Group, even as it restrained him from selling or transferring any of his personal assets.
The order comes as great relief for Ambani, who had moved the high court on Wednesday against the appointment of a resolution professional (RP) on personal guarantees given to State Bank of India (SBI) for securing corporate loans. Ambani had challenged the validity of the section pertaining to personal guarantee and asked if there is any enabling provision in the Insolvency Bankruptcy Code (IBC) for such an order.
SBI had lent Rs1,195 crore to Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) in 2016…
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