Anil Ambani moves Delhi HC to challenge the appointment of IRP by NCLT

MUMBAI: Anil Ambani has approached the Delhi High Court challenging the constitutional validity of the personal guarantee clause in the insolvency and bankruptcy code. Ambani has also sought to make the Ministry of Corporate Affairs party to the case.

Ambani in his petition is also challenging the Mumbai bankruptcy tribunal order which allowed the appointment of an interim resolution professional to examine State Bank of India’s petition seeking to recover dues worth Rs 1200 crore. Ambani in his petition is relying on a recent order in the matter of businessman Lalit Jain, where Delhi High Court stayed insolvency proceedings and issued notices to MCA, IBBI & Law Ministry.