<\/p>\n
The court has also restricted Ambani from transferring or disposing off his assets or legitimate rights and interests before the next hearing.<\/p>\n
According to SBI, Ambani had given personal guarantees for two loans worth Rs 565 crore and Rs 635 crore extended to his companies RCom and Reliance Infratel Ltd (RITL), respectively, in August 2016.<\/p>\n
Earlier this month, the National Company Law Tribunal (NCLT) had appointed an insolvency administrator to verify SBI\u2019s claim.<\/p>\n
Ambani questioned the validity of the part related to personal guarantees and asked whether there is an authorization clause for the order in the Insolvency and Bankruptcy Law (IBC).<\/p>\n
The court said, \u201cThe proceedings would continue in relation to the corporate debtor (companies) and while dealing with those proceedings, the liability of the petitioner (Ambani) may also be examined by the IRP. However, the proceedings against the petitioner under Part-III of the IBC shall remain stayed.”<\/p>\n
The matter will be next heard in the court on October 6.<\/p>\n<\/div>\n