Delhi High Court Stays Insolvency Proceedings Against Anil Ambani Upon SBI's Claims
The Delhi High Court on Thursday stayed proceedings in a case under the Insolvency & Bankruptcy Code (IBC) against Anil Ambani in a matter related to a personal guarantee given by him against a loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) from State Bank of India (SBI). The court also barred Mr Ambani from disposing of any of his assets. SBI had declared the account of Reliance Communications and Reliance Infratel as a non-performing asset (NPA) in 2017.
Earlier this month, the National Company Law Tribunal (NCLT) had appointed a bankruptcy administrator to verify SBI's claim that Mr Ambani offered about Rs 1,200 crore of personal guarantees to seek the loan. Following the order, Mr Ambani had filed a plea with the Delhi High Court challenging it.
On Thursday, the Delhi High Court bench of Justice Vipin Sanghi and Justice Rajnish Bhatnagar also issued a notice on Mr Ambani's plea challenging the validity of the section pertaining to personal guarantee and bankruptcy and asked whether there is any enabling provision in the IBC for such an order.
The next date of hearing of the case has been scheduled for October 6.Â
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
