The Mumbai Bench of the NCLT admitted SBI’s application seeking personal insolvency proceedings against Reliance Group Chairman Anil Ambani. The Tribunal appointed a Resolution Professional and directed issuance of a public notice inviting creditor claims, marking a major development in the insolvency process.
The Supreme Court conducted final arguments in the Bhushan Power case, focusing on delays in implementing a resolution plan under the Insolvency and Bankruptcy Code. JSW Steel defended the delays as caused by external factors, while promoters disputed this, claiming JSW failed to meet funding arrangements. The court reserved its verdict after intense discussions.
