In a recent development under the Insolvency & Bankruptcy Code (IBC), the National Company Law Tribunal (NCLT) Mumbai Bench‑I has admitted State Bank of India’s (SBI) petition seeking initiation of insolvency proceedings against industrialist Anil Dhirajlal Ambani in his capacity as personal guarantor for loans extended to Reliance Communications Ltd. (RCOM) and Reliance Infratel Ltd. (RITL).
The applicant, SBI, had sanctioned credit facilities of ₹565 crore to RCOM and ₹635 crore to RITL in 2016. Ambani executed a personal guarantee deed dated 23 September 2016, promising repayment if the companies defaulted. Both accounts turned non‑performing (NPA)…