SBI VS ANIL AMBANI: NCLT MUMBAI PERMITS INITIATION OF BANKRUPTCY PROCEEDINGS

Highlights

• The SBI had given loans of Rs 565 crore and Rs 635 crore to Reliance Communications and RTIL respectively in August 2016

• In January 2018, the personal guarantee issued by Anil Ambani was revoked by the SBI

• As per the order, a Resolution Professional should be appointment and SBI needs to take necessary action

NCLT Mumbai has given green signal to initiation of bankruptcy p....