SBI to recover Rs.1,200 Crore from Anil Ambani
Two guarantees of worth more than $158 are to be recovered by SBI
Tuesday, 16th June 2020
Anil would have been jailed for delayed payment if Mukesh hadn’t bailed him out.
Anil Ambani had provided two guarantees to SBI which were worth more than $158 million and the bank is all set to recover them now.
An application was filed with the National Company Law Tribunal in order to assign a resolution professional by the lender, said the court website. Anil had provided personal guarantee while taking a loan for Reliance Communications Ltd. and Reliance Infratel Ltd. and a week’s time was granted for replying on Thursday, Press Trust of India said.
The SBI is set to recover than Rs 1,200 crore plus under the bankruptcy law’s the personal guarantee clause, stated Press Trust of India.
“The matter relates to a corporate loan availed by Reliance Communications and Reliance Infratel” which doesn’t come under a personal loan, Mr.Ambani’s spokesman stated.
Reliance Communications and Reliance Infratel’s debt resolution plans were allowed in the past (in March) by their lenders and approval of the NCLT is expected, and appropriate response will be filed by Mr.Ambani, said the spokesman.
Source: NDTV
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