Delhi HC stays IBC proceedings against Anil Ambani

Aug 27, 2020

New Delhi [India], Aug 27 : The Delhi High Court stayed Insolvency & Bankruptcy Code (IBC) proceedings against Anil Ambani in matter pertains to a personal guarantee given by him against a loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) from State Bank of India (SBI).
The Bench of Vipin Sanghi and Justice Rajnish Bhatnagar also issued a notice on Ambani's plea challenging the validity of the section pertaining to personal guarantee and bankruptcy and asked whether there is any enabling provision in the IBC for such an order.
The next date of hearing of the casehas been scheduled for October 6.

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