The Delhi High Court granted relief to Anil Ambani and stayed the bankruptcy proceedings

New delhi date. Thursday, August 27, 2020

The Delhi High Court has granted relief to businessman Anil Ambani. The High Court has stayed the process of the Insolvency and Bankruptcy Code announced against Anil Ambani. The matter of Reliance Communications Limited and Reliance Infratel Limited taking loans from State Bank of India in this regard is linked to their personal guarantee.

State Bank of India has given loans of Rs 1,200 crore to RCom and Reliance Infratel. Anil Ambani had given a personal guarantee for the loan. Based on this, the Mumbai Bankruptcy Tribunal had ordered the appointment of an interim resolution professional. Which focused on SBI's Rs 1,200 crore loan recovery.

Ambani had knocked on the door of the Delhi High Court against the tribunal's order. He also named businessman Lalit Jain in his petition. In this case too, the Delhi High Court had stayed the insolvency process.