Bankruptcy against Anil Ambani for Loan Default by NCLT

Bankruptcy against Anil Ambani for Loan Default by NCLT

NCLT started Bankruptcy proceedings against Anil Ambani (Brother of Mukesh Ambani) for defaulting in loan payments.

As per the Mumbai bench of NATIONAL COMPANY LAW TRIBUNAL:

The Relevant Text of the Order as follows : 

18. Before parting it would be pertinent to note that, the Applicant under the Rupee Loan Facilities Agreement dated 29.08.2016, as amended and restated on 08.09.2016 provided the aforesaid amounts as loan to RCOM and RITL. The RCOM and RITL committed default in repayment in and around January 2017. The accounts were retrospectively declared Non-performing Account (NPA) with effect from 26.08.2016 i.e. even before loan agreements had been entered into. Such retrospective declaration seems rather incongruous, akin to the adage „putting the cart before the horse‟. While debt and default has remained undisputed, the incongruity of declaration of NPA, has not been raised and contested by the Respondent. Besides, reappraisal of the declaration of the NPA by this Authority would not fall within the ambit of the provisions of the Code, under which the instant Applications have been made. We herewith pass the following order.

ORDER

Both the IAs numbering IA Nos. 1009 of 2020 and 1010 of 2020 be and the same are allowed in part on contest. Prayer (a) made in both the Applications are allowed as follows. Mr. Jitender Kothari (IBBI/IPA-001/IP-P00540/2017-2018/10965), email: jitenderkothari@ rediffmail.com is appointed as the Resolution Professional (RP) under section 97 (4) of the Code read with Rule 8 of the I & B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors) Rules, 2019. The applicant shall take necessary action under Rule 9 thereof. The Deputy Registrar of this Tribunal shall forthwith inform the RP of the order. Prayer (b) made in both the Applications are refused. No costs.

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