Icici group, Financial services company

New Delhi, Sep 17 The Supreme Court on Thursday dismissed a plea by the State Bank of India (SBI) seeking a vacation of the stay granted by Delhi High Court on personal bankruptcy proceedings against Anil Ambani, chairman of Reliance Group.The Supreme Court bench, headed by Justice L. Nageswara Rao, directed the Delhi High Court to consider the issue on October 6.The bench, also comprising Justices Hemant Gupta and S. Ravindra Bhat, gave liberty to SBI to seek modification of the stay order passed by the High Court on August 27. The three-judge bench said, "Why don't you go back to high court to argue the Anil Ambani case?"On August 27, the High Court's division bench had passed an interim order staying the Mumbai bankruptcy tribunal's order. The bench had said proceedings against corporate debtors will continue and issued notice to the central government, SBI and others. The bench had also restrained Ambani from selling or transferring any of his personal assets and listed the matter for hearing on October 6.The SBI in its petition before the apex court last week, had submitted that the high court did not grant the bank an opportunity to file a counter affidavit and was not justified in passing an interim order staying insolvency proceedings against Ambani "who owes to the Bank public money to the tune of Rs 1,707 crore".Ambani had moved the Delhi high court against the appointment of a resolution professional on personal guarantees given to SBI for securing corporate loans.Ambani had challenged the validity of the section pertaining to personal guarantee and asked if there was any enabling provision in the Insolvency Bankruptcy Code (IBC) for such an order.In March, SBI had filed a petition in the Mumbai bench of the National Company Law Tribunal (NCLT) under section 95 of IBC for personal bankruptcy based on guarantees issued by Ambani. NCLT had appointed Jitender Kothari as a resolution professional (RP).( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Icici GroupFOLLOW

Icici group, Latest News

New Delhi, Oct 13 In the case of LTC scheme announced by Finance Minister Nirmala Sitharaman, it is ... ...

A businessman was arrested for allegedly faking his death to get an insurance amount of Rs 1.6 crores, according to Hansi Police on Saturday. ...

Overuse of sanitizers, washing and drying in the sun has caused notes more than Rs 4 crore notes of ... ...

Government on Tuesday appointed Managing Director, State Bank of India (SBI), Dinesh Kumar Khara as chairman of the bank for three years effective from October 7. ...

The consolidated fiscal deficit of the Centre and state governments may touch 13 per cent of GDP in the current financial year, State Bank of India's research report Ecowrap said on Thursday. ...

New Delhi, Sep 22 State Bank of India chairman Rajnish Kumar on Tuesday said that interest rate cuts ... ...

Prime Minister Narendra Modi on Monday appreciated the sentiments expressed by Maldivian President Ibrahim Mohamed Solih after India extended a USD 250 million loan to Male to mitigate the impact of the COVID-19 pandemic. ...

New Delhi, Sep 17 The Supreme Court on Thursday dismissed a plea by the State Bank of India ... ...