NCLT admits SBI insolvency plea against Anil Ambani

THE NATIONAL COMPANY Law Tribunal (NCLT) on Thursday admitted a plea filed by State Bank of India (SBI) seeking initiation of personal insolvency proceedings against Reliance Group Chairman Anil Ambani over dues of about ₹1,200 crore linked to guarantees extended for loans to Reliance Communications (RCom) and Reliance Infratel.

- FE BUREAU

A bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar commenced the insolvency resolution process against Ambani and imposed a moratorium on all debts for 180 days or until an order is passed on a repayment plan, whichever is earlier. THE MUMBAI BENCH of the tribunal also directed resolution professional Prashant Jain to issue a public notice within seven days inviting claims from creditors.