The public sector lender had approached the tribunal under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
Anil Ambani had given personal guarantee to the loans given to Reliance Communications and Reliance Infratel.
After hearing both the sides, a division bench of a judicial member Mohammed Ajmal and a technical member Ravikumar Duraisamy reserved the order.
In early 2019, Reliance Communications, once the flagship company of the Anil Ambani-led Reliance group, had filed for bankruptcy.
In March, State Bank of India board had approved a resolution plan for Reliance Communications that envisaged lenders recovering around Rs 23,000 crore of their money, entailing a haircut of nearly 50 per cent. SM MR MR