Personal bankruptcy: SC rejects SBI appeal against Anil Ambani

The Supreme Court dismissed the appeal of State Bank of India (SBI) seeking vacation of the stay granted by the Delhi High Court on personal bankruptcy proceedings initiated by the bank against Reliance Group chairman Anil Ambani.

SBI’s case is that it had granted credit facilities to Reliance Communications (RCom) and Reliance Infratel (RTIL) in 2015 and the same were personally guaranteed by Ambani pursuant to a deed of personal guarantee of September 23, 2016, furnished by him.