March 28, 2024 16:56 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Delhi High Court rejects PIL seeking removal of Arvind Kejriwal as CM | MHA extends AFSPA in 3 districts of Arunachal Pradesh for 6 months | Encourage fair, transparent and legal process: US comments again on Kejriwal's arrest | India and China discuss border disengagement: EAM | Indian External Affairs Minister S Jaishankar discusses defence, trade while interacting with Malaysian leaders
State Bank of India initiates steps to recover $158 million from Anil Ambani

State Bank of India initiates steps to recover $158 million from Anil Ambani

India Blooms News Service | @indiablooms | 15 Jun 2020, 10:22 am

Mumbai/IBNS: State Bank of India is taking steps to recover the two guarantees furnished by former billionaire Anil Ambani, which according to a news report is worth over $158 million, according to news reports.

A Bloomberg report said India's largest lender has decided to approach the National Company Law Tribunal (NCLT).

Ambani had furnished the personal guarantees on the bank's loan to his Reliance Communications Ltd. and Reliance Infratel Ltd which are worth Rs 12 billion ($158 million).

State Bank of India is now looking to recover the loan under the personal guarantee clause of bankruptcy law, said reports.

The 60-year-old industrialist was served a notice in this regard on Thursday last and given a week's notice to respond.

Earlier, Anil Ambani was bailed out by his elder brother Mukesh Ambani, the richest man in Asia, in a case that could have seen Anil imprisoned.

His spokesperson has clarified that the loan was a corporate loan for Reliance Communications Ltd. and Reliance Infratel Ltd and not a personal loan, the Bloomberg report said.

The debt resolution plans were approved by their lenders in March last and is pending approval with NCLT, the spokesperson said, adding that Anil Ambai would file suitable replies, the Bloomberg report stated.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.