New Delhi, 16 April (H.S.):

The Supreme Court refused any reprieve to industrialist Anil Ambani, declining to stay orders by Bank of Baroda, IDBI Bank, and Indian Overseas Bank declaring his loan accounts fraudulent. A bench led by Chief Justice Suryakant rejected the plea outright.

Ambani first approached Bombay High Court, securing single-judge relief. Banks appealed to the division bench, which stayed that order, prompting Ambani's Supreme Court escalation.

Senior advocate Kapil Sibal argued overturning interim relief unfairly bars fresh lending. CJI Suryakant countered, citing ongoing CBI and ED probes into alleged fund diversion, underscoring gravity of financial irregularities.

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Hindusthan Samachar / Jun Sarkar