New Delhi: The Supreme Court will hear a case against businessman Anil Ambani by the State Bank of India (SBI) today. Anil Ambani had given a personal loan guarantee from SBI and hence SBI has urged him to get the loan. This hearing is important in the matter that this is the first case to redeem the personal guarantee given by a promoter.

Anil Ambani has denied adherence to personal guarantees. Under the Insolvency and Banking Code (IBC), only companies came up till November last year, not promoters, but now promoters were also included. This applies if a personal guarantee of a loan of Rs. 1,000 crore or more has been given. In January 2018, SBI had issued a notice for recovery of loans from Anil Ambani. The National Company Law Tribunal (NCLT) had in August allowed the insolvency proceedings against Anil Ambani to proceed. The State Bank of India (SBI) has issued the order against him for not repaying Rs 1200 crore loan.

The state bank of India had given the loan to Anil Ambani-led companies Reliance Communications (RCOM) and Reliance Infratel (RITL) in 2016. Anil Ambani had given a personal guarantee of Rs 1200 crore for these loans. Now both companies are closed.

Also Read:

Now SBI customers will be able to pay by wrist watch without using debit card

Stock market opened with red mark, Sensex drops 191 points

Farmers, businessmen unhappy with govt’s decision of ban on onion export

Gold prices fall, silver prices also reduces