The Delhi Court has stayed the insolvency proceedings against Reliance Group chairman Anil Ambani and has barred him from disposing of any of his assets.

Earlier this week, Anil Ambani had approached the Delhi High Court challenging the constitutional validity of the personal guarantee clause in the insolvency and bankruptcy code (IBC). With this, he had also sought to make the Ministry of Corporate Affairs (MCA) party to the case. In his petition, Ambani had also challenged the order issued by National Company Law Tribunal (NCLT) Mumbai which allowed the appointment of an interim resolution professional (IRP) to examine State Bank of India’s (SBI) petition seeking to recover dues worth Rs 12 billion.

Recently, Mumbai NCLT had decided to appoint IRP to assess Ambani’s assets and liabilities and take a call on the petition filed by SBI.

The case is next scheduled to be herd on October 06, 2020.