SBI seeks over 1200 crore rupees from Anil Ambani

46

State Bank of India (SBI) is trying to obtain two guarantees provided by the former billionaire Anil Ambani, which according to a news report by PTI are worth more than Rs. 1200 crores ($158 million) under the personal guarantee clause of the bankruptcy law.

SBI filed an application with the National Company Law Tribunal to appoint a resolution professional, according to an update on the court’s website.

Ambani who had given a personal guarantee on the bank’s loans to his Reliance Communications Ltd. and Reliance Infratel Ltd. was notified that he had been given a week’s time to reply on Thursday, according to the Press Trust of India.

A spokesperson of Ambani said, “The matter relates to a corporate loan availed by Reliance Communications and Reliance Infratel and is not a personal loan of Mr. Ambani.”

You might also like
Comments
Loading...