SBI takes Anil Ambani to NCLT to recuperate Rs 1,200 crore

SBI takes Anil Ambani to NCLT to recuperate Rs 1,200 crore

State Financial institution of India has filed an utility in the National Company Law Tribunal (NCLT) to recuperate greater than Rs 1,200 crore from Anil Ambani beneath the non-public assure clause of the chapter regulation. Anil Ambani had given private assure to the loans given to Reliance Communications and Reliance Infratel.

The tribunal, presided over by BSV Prakash Kumar, on Thursday gave Ambani every week to file reply to the appliance.

A spokesperson of Anil Ambani in a press release stated: “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 RCom and RITL Decision Plans have been authorized by 100 per cent of their lenders in March 2020. These Decision Plans are awaiting the approval of NCLT, Mumbai, it stated.

“Ambani will file suitable replies, and NCLT has not given any relief to the petitioner,” the assertion added.

In early 2019, Reliance Communications, as soon as the flagship firm of the Anil Ambani-led Reliance group, had filed for chapter.

In March, the board of State Financial institution of India had authorized a decision plan for Reliance Communications that envisaged lenders recovering round Rs 23,000 crore of their cash, entailing a haircut of practically 50 per cent.

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