The Delhi High Court on Thursday halted insolvency proceedings against Reliance Group chairman Anil Ambani and has barred him from disposing any of his assets.
Anil Ambani, runs a business group separate from his brother Mukesh Ambani, He filed a plea with the Delhi High Court challenging the appointment of a resolution professional over roughly ₹12 billion (163 million USD) personal guarantee that he had given to the State Bank of India for the loans to his companies.
His RCom (Reliance communications) is currently in insolvency. Due to heavy debt and losses it had to be shut down. His other companies in sectors such as defence, infrastructure and entertainment have performed poorly as well. He forced a split in the Reliance industries that he was a joint heir to following the death of Dhirubhai Ambani in 2002. In a deal mediated by his mother, he won the control of the power, financial services and then newly built telecom business, while Mukesh Ambani retained the oil and petrochemical business.