 "Anil Ambani")
The Delhi High Court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) Chairman Anil Ambani in relation to recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel (RITL), respectively, in August 2016.
A Bench of Justices Vipin Sanghi and Rajnish Bhatnagar, while putting on hold the IRP under the Insolvency and Bankruptcy Code (IBC), also restrained Ambani from “transferring, alienating, encumbering or disposing of his assets or legal rights
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