Under the personal guarantee clause of the bankruptcy code, an application has been filed by SBI (State Bank of India) in NCLT against Anil Ambani for recovering Rs 12,000 crore. Anil Ambani has given a personal guarantee on loans by SBI to Reliance Communications and Reliance Infratel.
NCLT under the head of BSV Prakash Kumar has given a period of one week to Anil Ambani for filing of the reply to the application. Anil Ambani’s Spokesperson said in a statement, “The matter relates to a corporate loan availed by Reliance Communications (RCom) and Reliance Infratel (RITL) and is not a personal loan of Ambani. The statement added, “The RCom and RITL Resolution Plans were approved by 100 per cent of their lenders in March 2020. These Resolution Plans are awaiting the approval of NCLT, Mumbai.”
It also said, “Ambani will file suitable replies, and NCLT has not given any relief to the petitioner”.
Earlier in the year 2019, Reliance Communications filed for bankruptcy. In March this year, SBI approved a resolution plan for Reliance Communications that envisaged recovering around Rs 23,000 crore of their money, involving a haircut of nearly 50 per cent.