India, June 12 -- The city bench of the National Company Law Tribunal (NCLT) on Thursday cleared the way for personal insolvency proceedings against Anil Ambani, admitting the State Bank of India's plea and rejecting Ambani's challenges to the enforceability of a personal guarantee furnished for Reliance Communications (RCom) group loans.

Justice (Retd) Sushil Mahadeorao Kochey and technical member Prabhat Kumar admitted SBI's insolvency application over an alleged default of Rs.853.25 crore arising from guarantees executed in 2016 for loans to RCom and Reliance Infratel Ltd, and dismissed Ambani's interlocutory application challenging the Resolution Professional's (RP) report.

The proceedings, pending since 2020, were delayed by multip...