Delhi High Court seeks Centre, SBI stand on Anil Ambani plea to include Chinese banks in insolvency proceedings

The Delhi High Court on Monday sought the Centre and SBI’s reply to former RCom chairman Anil Ambani’s plea to include the Chinese banks, which have got a decree of USD 717 million against him from a court in United Kingdom, in the proceedings here related to recovery of Rs 1200 crore loan granted to two of his companies.

The high court also said that the moratorium on recoveries from sale of Ambani’s assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now.

This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.