SBI Claims Ambani Offered $160 Million Personal Guarantees, Tribunal to Verify

In order to verify SBI's claim that Anil Ambani offered personal guarantees of around $160 million when seeking loans, National Company Law Tribune (NCLT) in Mumbai has appointed a bankruptcy administrator. The former billionaire borrowed loans in 2016 on behalf of Reliance Communications Ltd and Reliance Infratel Ltd, which are now claimed to be insolvent. The court rejected "SBI's request for a restriction on Mr Ambani from dealing or appropriating his assets," said Ambani's spokesperson.