New Delhi, Sep 19 (TIWN) 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.

India's largest bank State Bank of India (SBI) moved to the Supreme Court earlier this month to recover dues from Anil Ambani by invoking his personal guarantee. Anil Ambani got a stake from the Delhi High Court against the move. The appeal by SBI sought vacation of the stay that had been filed through advocate Sanjay Kapur. 

Anil Ambani was represented by EC Agarwal. Note that a division bench of the High Court led by Vipin Sanghi on August 27 had stayed a Mumbai bankruptcy tribunal order. The State Bank of India then moved to the Supreme Court to recover the bankruptcy dues from Reliance Chairman.

It is worth mentioning here that the Ambani has objected to the SBI invoking personal guarantees under the Corporate Debtors Regulations, 2019. Till November 2019, the IBC only covered Indian companies and not promoters. However, the new rules are applicable against the personal guarantors given to loans above Rs 1,000 crore or above by promoters.