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Informist, Thursday, Jun. 11, 2026

 

 

NEW DELHI – Anil Dhirubhai Ambani Group Chairman Anil Ambani will challenge the National Company Law Tribunal's order to admit State Bank of India's plea to initiate a personal insolvency proceedings against him. A spokesperson for Ambani said that the tribunal's order relates to a disputed personal guarantee allegedly extended by him to State Bank of India in 2016, even before the promulgation of personal insolvency laws.

 

The underlying facility had been availed by Reliance Communications Ltd. for the repayment of its borrowings from Chinese lenders, and Ambani derived no personal benefit from the said funds, said the spokesperson. The tribunal's order, once available, will be reviewed by Ambani's legal team and challenged through appropriate legal remedies, as advised, said the spokesperson. Ambani remains confident of vindicating his position before the appropriate forums, the spokesperson added. The National Company Law Appellate Tribunal is the appropriate authority where the challenge against the tribunal's order will be filed. 

 

Earlier in the day, Informist Media had exclusively reported the tribunal's order to admit insolvency proceedings against Ambani, the personal guarantor of loans given to Reliance Communications Ltd. and Reliance Infratel Ltd. State Bank of India had claimed INR-12-billion dues from Ambani. 

 

Reliance Communications had approached the project finance strategic business unit of State Bank of India, seeking credit facilities of INR 5.65 billion for repayment of certain existing debt. Similarly, Reliance Infratel, one of Reliance Communications' sister concerns, also approached the bank for the credit facilities of INR 6.35 billion for the repayment of existing debt. The bank, under rupee loan facility agreements, gave loan to both of the companies in 2016. 

 

Ambani provided personal guarantee under a personal guarantee deed in favour of State Bank of India in respect of the credit facilities given to both the companies. Both Reliance Communications and Reliance Infratel defaulted in repayment in January 2017. Thereafter, the accounts of these companies were retrospectively declared non-performing assets with effect from 2016 pursuant to the risk-based supervision. After non-payment of dues by both the companies and not receiving any payment from Ambani after invoking the personal guarantee, State Bank of India moved the tribunal in 2020. 

 

At 1420 IST, the shares of State Bank of India traded 0.2% higher at INR 1,005.90 on the National Stock Exchange, and those of Reliance Communications were down 3.2% at INR 0.91. Shares of Reliance Power Ltd. were down 3.7% at INR 25.69 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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