NCLT decides to appoint IRP in a case filed by SBI against Anil Ambani

The dedicated bankruptcy court has decided to appoint an interim resolution professional (IRP) in a case filed by lender State Bank of India (SBI) against Anil Ambani.

State Bank of India (SBI) had moved the National Company Law Tribunal (NCLT) in Mumbai to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. The lender said Ambani had personally guaranteed loans taken by Reliance Communications, currently undergoing insolvency proceedings, which the state-owned lender is trying to recover.