The Delhi High Court on Thursday stayed the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) Chairman Anil Ambani in relation to recovery of ₹1,200 crore of loans given by the State Bank of India to two of his group firms.
A bench of Justice Vipin Sanghi and Justice Rajnish Bhatnagar, while putting on hold the IRP under the Insolvency and Bankruptcy Code (IBC), also restrained Mr. Ambani from “transferring, alienating, encumbering or disposing of his assets or legal rights and interests therein till the next date of hearing” on October 6.
RCom and Reliance Infratel Limited (RITL) had availed of credit facilities amounting to ₹565 crore and ₹635 crore, respectively, from the State Bank of India (SBI) with Mr. Ambani as the personal guarantor for the corporate loans.
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