Chairman of Reliance Group Anil Ambani have to face bankruptcy proceeding orders, the NCLT approved the case

Anil Ambani, Chairman of Reliance Group, has been facing increasing difficulties. The National Company Law Tribunal (NCLT) has now approved a bankrupt case against Anil Ambani. The NCLT gave this order while hearing the case filed on behalf of the State Bank of India. His companies Reliance Communications and Reliance Infratel had taken a loan of Rs 1,200 crore from State Bank of India, which the companies are unable to repay. These loans were taken by Anil Ambani on his personal guarantee. In such a situation, the NCLT has now approved to run a bankrupt case against him.

Anil Ambani’s telecom company Reliance Communications applied for backups in early 2019. At that time, the company had a total debt of Rs 33,000 crore. However, all the lending banks including SBI have claimed outstanding debt of Rs 49,000 crore on RCom. Significantly, the younger brother of the country’s richest man Mukesh Ambani, Anil Ambani is constantly in trouble. His bankrupt company RCom is also being heard in the Supreme Court. The company owes about Rs 25,000 crore as government AGR.

Anil Ambani took these loans in 2016 on his personal guarantee and now both companies have gone bankrupt. Earlier, SBI had appealed to NCLT Mumbai that it should be empowered to recover the amount under the Personal Guarantee Clause of Bankruptcy Law. Loan accounts have defaulted. Both these accounts were considered default from August 2016.