SC rejects SBI plea to vacate stay on invoking Anil Ambani's personal guarantees

While the personal guarantee matter is being heard by the SC, the fate of dues worth Rs 45,000 crore, including to the Chinese banks, will be decided by the NCLT where the matter is still pending

The Supreme Court on Thursday dismissed State Bank of India's (SBI's) plea seeking the vacation of a stay granted by the Delhi High Court on bankruptcy proceedings against Reliance Communications (RCom) Chairman Anil Ambani.
 

Ambani had earlier objected to the SBI invoking personal guarantees under the Corporate Debtors Regulations, 2019.

In late August, the Delhi High Court had put on hold the insolvency resolution process (IRP) proceedings against Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore