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Setback to lenders: NCLT replaces RP in Anil Ambani’s loan guarantee case

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NEW DELHI: In a setback to lenders, the National Company Law Tribunal has removed Jitender Kothari as the resolution professional (RP) in an insolvency case related to Anil Ambani’s personal guarantee to SBI for a loan to Reliance Communications. NCLT appointed Prashant Jain as the new RP.In Sept 2016, Ambani had given a personal guarantee for a Rs 1,385-crore loan, which was retrospectively classified as an NPA effective late Aug 2016. Kothari was appointed RP in Aug 2020. A few days after his appointment, the RP sought multiple details from Ambani, including details of a case in a British court. The insolvency action had been challenged in Delhi HC and the SC.In May 2021, the RP filed his report in NCLT, recommending admission of company petition for insolvency resolution despite Ambani’s lawyer seeking more time, citing restricted mobility due to Covid. A few days later, Ambani’s lawyer wrote that the RP can only seek information from SBI. Meanwhile, the businessman’s writ petition in SC was tagged along with one Surendra Jiwarajka, which was finally decided in Nov 2023.Ambani has accused the RP of “acting in undue haste and denying him fair and proper opportunity” to provide information. Besides, the RP is accused of exceeding the mandate under IBC in seeking “unrelated information”. The RP denied the charges and SBI supported it, while arguing that the matter had been pending with NCLT for a long time and the case was being delayed.In its order on July 15, the benchsaid that in light of Covid-related disruptions, Ambani should have been given “a fair opportunity” to provide information to the resolution professional. “Instead, we note that the RP didn’t even wait for adjudication of his application pending before this Tribunal seeking relaxation of 10 days’ timeline and a cross application of the applicant before this Tribunal requiring more time in view of Covid restrictions.““Though, we do not find any negligence or explicit bias on part of the RP in this case, however, we are of considered view since the insolvency resolution process after commencement has to be run in close coordination of debtor and RP,” it said.

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