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NCLT agrees to hear SBI's bankruptcy case against Anil Ambani

The ruling is the most high-profile insolvency case against a founder who pledged to pay loans on behalf of their companies

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If the Mumbai court admits Ambani into the bankruptcy process, a list of all claims against him will be compiled and a repayment plan will be worked out. Photo: Bloomberg

Upmanyu Trivedi and P R Sanjai | Bloomberg

3 min read Last Updated : Aug 21 2020 | 1:43 PM IST

A quasi court has agreed to hear a petition by the nation’s largest lender seeking to initiate personal bankruptcy against tycoon Anil Ambani after the former billionaire failed to repay debt.

A two-member panel of the National Company Law Tribunal, or NCLT, in Mumbai has appointed a bankruptcy administrator to verify a claim by State Bank of India, or SBI, that Ambani offered about $160 million of personal guarantees while seeking loans in 2016 for his now insolvent Reliance Communications Ltd. and Reliance Infratel Ltd., according to an order on the court’s website. The tribunal can admit Ambani into bankruptcy

Topics : Anil Ambani sbi National Company Law Tribunal NCLT Insolvency and Bankruptcy Code

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