Action towards recovery of ₹1,200 crore.
The NCLT Mumbai has directed insolvency proceedings against RCom chairman Anil Ambani to recover ₹1,200 crore under the personal guarantee clause of the bankruptcy law.
Mr. Ambani had given a personal guarantee to the loans given by SBI to RCom and Reliance Infratel in August 2016.
The NCLT in its order on August 20, said both RCom and RITL committed default in repayment in and around January 2017. The accounts were retrospectively declared as non-performing with effect from August 26, 2016, even before loan agreements had been entered into.
The NCLT ordered the appointment of a resolution professional and asked SBI to take necessary action.
A spokesperson for Mr. Ambani said: “Mr. Ambani is reviewing the NCLT order and taking advice on filing an appropriate appeal before the NCLAT against the appointment of the resolution professional.”
The NCLT has declined SBI’s request for a restriction on Mr. Ambani from dealing or appropriating his assets, to the prejudice of the interest of SBI, the spokesperson said.