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Supreme Court rejects SBI plea for resuming IBC case against Anil Ambani

The case is among the first high-profile ones after rules were set for personal bankruptcy last year

Photo: Bloomberg
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“To declare a man as bankrupt has serious consequences,” Harish Salve, the lawyer representing Ambani said in court | Photo: Bloomberg

Bloomberg
The Supreme Court on Thursday rejected a petition by State Bank of India, the nation’s largest lender, to allow a personal bankruptcy case against tycoon Anil Ambani to resume.

A three-judge panel headed by Justice L Nageswara Rao ruled that the bankruptcy case against the former billionaire will remain suspended and directed the Delhi High Court to decide on Ambani’s challenge to provisions of India’s insolvency law.

The case is among the first high-profile ones after rules were set for personal bankruptcy last year. Bankers and investors in stressed assets are keenly watching the case as its final outcome may decide the

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First Published: Sep 18 2020 | 12:59 AM IST

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