Top court likely to give its order on Thursday, has indicated it may transfer all cases to itself, according to a senior lawyer
MCA is engaging with the law ministry to present the government's side of the argument
The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now
Three state-controlled Chinese banks have pursued Ambani for more than $700 million in a London court
Move follows default on debt to debenture holders who form 99% of the firm's liability
The case is among the first high-profile ones after rules were set for personal bankruptcy last year
The Supreme Court Thursday dismissed a plea by SBI seeking resumption of insolvency proceedings against the then chairman of RCom, Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms
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While the personal guarantee matter is being heard by the SC, the fate of dues worth Rs 45,000 crore, including to the Chinese banks, will be decided by the NCLT where the matter is still pending
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A banker said Ambani has objected to the SBI invoking personal guarantees under the Corporate Debtors Regulations, 2019
Banks plan to invoke personal guarantees in 40 cases
An earlier Delhi HC order had stayed BoB and the entire consortium of lenders' move to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing
Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel (RITL), respectively, in August 2016
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His Reliance Communications (RCom), a mobile carrier launched in 2002 with cut-price plans and is currently in insolvency.
Tribunal rejects submissions by Ambani counsel, says it has no option but to nominate RP within seven days of creditor filing an application
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The ruling is the most high-profile insolvency case against a founder who pledged to pay loans on behalf of their companies
The Anil Ambani-controlled firm had posted a net loss of Rs 116 crore in the same quarter of the previous financial year