Lawstreet Journal

SBI Moves SC To Vacate Stay On Recovering Dues From Anil Ambani By Invoking Personal Guarantee

Lawstreet Journal 8 Sep 2020 4:45pm

Image courtesy: Lawstreet Journal Business SBI Moves SC To Vacate Stay On Recovering Dues From Anil Ambani By Invoking Personal Guarantee

The State Bank of India (SBI) has moved its plea to the Supreme Court in order to recover their dues from Anil Ambani by raising his personal guarantee as he got a stay from the Delhi High Court against this move. There were three people aware of the development. An executive has stated that “since the order of Delhi High Court was in favor of Anil Ambani, SBI is seeking the aid of Supreme Court.” 

SBI has not responded to any of the queries and even the representative of Anil Ambani is quiet. SBI is pleading for removal of stay on Anil Ambani’s assets which has been filed by Advocate Sanjay Kapur and Advocate EC Agrawala is appearing on behalf of Ambani. The Judgment of the division bench of the High Court was led by Vipin Sanghi on August 27 which put a stay on the Mumbai Bankruptcy Tribunal order.  

The tribunal had appointed an interim resolution professional (IRP), Jitender Kothari to evaluate the assets and liabilities of Ambani and respond to the plea of SBI demanding recovery of 1200 crores. The bank stated that Ambani had personally guaranteed loans taken in the name of Reliance Communication which is presently going through the bankruptcy procedures. SBI has filed a special leave petition (SLP) under Article 136 of the Constitution against not just Ambani but the Ministry of Law and Justice, the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India, and IRP Kothari too. The SLP was filed on Thursday. 

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Tagged: Anil Ambani  
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