Anil Ambani challenges NCLT order over alleged ₹1,200cr personal guarantees
Anil Ambani, the well-known business leader, is pushing back against a recent court decision that put his personal finances under scrutiny.
The National Company Law Tribunal (NCLT) accepted a plea from SBI, which wants to recover ₹1,200 crore linked to personal guarantees allegedly issued by Ambani for loans extended to Reliance Communications and Reliance Infratel.
Now, a resolution professional could manage his assets as part of the insolvency process.
Anil Ambani plans NCLAT appeal
Ambani plans to take this fight to the appellate tribunal, the National Company Law Appellate Tribunal (NCLAT).
His spokesperson explained that the alleged guarantee was given in 2016 to help Reliance Communications pay off Chinese lenders, and stressed he didn't get any personal benefit from it.
They also pointed out these events happened before India's personal insolvency law even existed.