Home Business Anil Ambani in trouble, SBI Moves to Recover Rs 1,200 Crore

Anil Ambani in trouble, SBI Moves to Recover Rs 1,200 Crore

SBI to recover $158 million gurantees from former billionaire Anil Ambani
Image Credit | The Print

SBI of India is persuading to recover the gurantees given by the former billionaire Anil Ambani which is around $158 million.

The state-run lender filed an application with the National Company Law Tribunal to appoint a resolution professional, consistent with an update on the court’s website. The tycoon, who had offered personal guarantee on the bank’s loans to his Reliance Communications Ltd. and Reliance Infratel Ltd., was given every week to reply on Thursday, consistent with the Press Trust of India.

The 60-year-old is that the younger brother of Mukesh Ambani, the wealthiest man in Asia. Mukesh has bailed his brother call at the past, making a last-minute payment during a case that would have seen Anil imprisoned.

State Bank of India is seeking to recover quite Rs 1,200 crore ($158 million) under the private guarantee clause of the bankruptcy law, consistent with Press Trust of India.

“The matter relates to a company loan availed by” Reliance Communications and Reliance Infratel and isn’t a private loan of Mr Ambani, a spokesman for the previous billionaire said.

Debt resolution plans of Reliance Communications and Reliance Infratel were approved by their lenders in March and people are awaiting approval of the NCLT, the spokesman said. Mr Ambani will file suitable replies, he said.