Delhi HC stays insolvency case against Anil Ambani

The Delhi Court on Thursday halted insolvency proceedings against Reliance Group chairman Anil Ambani, and barred him from disposing of any of his assets.

Anil Ambani, who runs a business group separate from his billionaire brother Mukesh Ambani, had filed a plea with the Delhi High Court challenging the appointment of a resolution professional over a roughly ₹1,200 crore ($163 million) personal guarantee that he had given to the State Bank of India for loans to his companies.

His Reliance Communications (RCom), a mobile carrier launched in 2002 with cut-price plans and is currently in insolvency.

His Reliance Communications (RCom), a mobile carrier launched in 2002 with cut-price plans and is currently in insolvency.

Its heavy debt load and a string of losses exacerbated its shutdown as Mukesh Ambani’s Reliance Industries in 2016 launched its Jio telecoms venture, breaking the Indian telecoms market with cheap data plans and free voice services.

In a 2005 deal brokered by their mother, Anil Ambani won control of the power, financial services and the newly built telecoms business, while Mukesh Ambani retained the oil and petrochemicals business.

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