NCLT Admits Personal Guarantor Insolvency Plea as Resolution Plan Did Not Extinguish Liability

State Bank of India Vs Anil Dhirajlal Ambani (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai Bench, admitted an application filed by State Bank of India (SBI) under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating the Insolvency Resolution Process (IRP) against a personal guarantor in relation to credit facilities extended to Reliance Communications Limited (RCOM) and Reliance Infratel Limited (RITL). SBI claimed a default of ₹853.25 crore as on 1 March 2019, while the date of default specified against the personal guarantor was 31 January 2019. According to ...