Delhi HC says won’t consider non-encashment of Reliance Communications’ bank guarantees as default
New Delhi: The Delhi High Court said on Monday non-encashment of Reliance Communications’ ₹800 crore bank guarantees by Yes Bank, State Bank of India, Punjab National Bank and Canara Bank would not be considered an “RBI default case” until September 3, when the matter would be heard next.
The direction came on petitions filed by the banks and others challenging the Department of Telecommunications’ move to invoke the guarantees, in a case related to the insolvency proceedings of the effectively defunct telecom company that was part of Anil Ambani’s Reliance Group. The bank guarantees are valid until 2027.
