The State Bank of India (SBI) filed applications against Anil Dhirajlal Ambani, the personal guarantor of corporate debtors Reliance Communications Limited (RCOM) and Reliance Infratel Limited (RITL), seeking urgent hearing and orders under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), 2016. RCOM and RITL had approached SBI for credit facilities, which were granted under a Rupee Loan Facilities Agreement. Anil Ambani provided a personal guarantee for these facilities. Both RCOM and RITL defaulted on repayments, leading to their accounts being declared Non-Performing Assets (NPA). Subsequently, Corporate Insolvency Resolution Processes (CIRP) were initiated against RITL and RCOM. SBI invoked the personal guarantee and issued a demand notice to Anil Ambani,
…In 2015-2016, Reliance Communications Limited (RCOM) and Reliance Infratel Limited (RITL) sought credit facilities from State Bank of India (SBI). RCOM requested Rs. 565 crore, and RITL requested Rs. 635 crore. Anil Dhirajlal Ambani, as Chairman of the Reliance ADA Group, provided a personal guarantee under a Personal Guarantee Deed dated 23.09.2016 for the credit facilities. Both RCOM and RITL defaulted on repayments around January 2017, and their accounts were declared Non-Performing Assets (NPA) with effect from 26.08.2016. Ericsson India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against RITL (CP No. 1385 of 2017) and RCOM (CP No. 1387 of 2017). SBI invoked the personal guarantee on 31.01.2018 and issued a demand notice to Anil Ambani.
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The State Bank of India (SBI) filed applications against Anil Dhirajlal Ambani, the personal guarantor of corporate debtors Reliance Communications Limited (RCOM) and Reliance Infratel Limited (RITL), seeking urgent hearing and orders under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), 2016. RCOM and RITL had approached SBI for credit facilities, which were granted under a Rupee Loan Facilities Agreement. Anil Ambani provided a personal guarantee for these facilities. Both RCOM and RITL defaulted on repayments, leading to their accounts being declared Non-Performing Assets (NPA). Subsequently, Corporate Insolvency Resolution Processes (CIRP) were initiated against RITL and RCOM. SBI invoked the personal guarantee and issued a demand notice to Anil Ambani,
…In 2015-2016, Reliance Communications Limited (RCOM) and Reliance Infratel Limited (RITL) sought credit facilities from State Bank of India (SBI). RCOM requested Rs. 565 crore, and RITL requested Rs. 635 crore. Anil Dhirajlal Ambani, as Chairman of the Reliance ADA Group, provided a personal guarantee under a Personal Guarantee Deed dated 23.09.2016 for the credit facilities. Both RCOM and RITL defaulted on repayments around January 2017, and their accounts were declared Non-Performing Assets (NPA) with effect from 26.08.2016. Ericsson India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against RITL (CP No. 1385 of 2017) and RCOM (CP No. 1387 of 2017). SBI invoked the personal guarantee on 31.01.2018 and issued a demand notice to Anil Ambani.
…Accounts of RCOM and…
RCOM and RITL committed…