 "Anil Ambani's Reliance Naval risks insolvency as banks say no to debt plan")
The Ministry of Corporate Affairs has defended the Insolvency and Bankruptcy Code's provision for invoking personal guarantees of corporate debtors in the matter of Reliance Group’s Anil Ambani in the Delhi High Court.
A senior MCA official said, “A notice was issued, so we have to file a response. The ministry has to defend its law. The law is perfect and there is nothing wrong with it.”
MCA is engaging with the law ministry to present the government's side of the argument. The senior official also said that the government is studying the petition filed by Ambani that challenges the constitutional validity
