Anil Ambani has challenged the constitutionality of insolvency and bankruptcy code. Particularly the clause dealing with personal guarantee has become the question of law. In his petition he has stated that the Tribunal for bankruptcy that allows appointment of Interim Resolution Professional and also challenged the petition filed by the State Bank of India that is seeking to recover approximately Rs. 1,200 Crores from him.

The State Bank of India stated that Reliance Communication,  which is Anil Ambani's company had personally guaranted the loans taken by the company. Ambani seeks in his petition the similar case that of Lalit Jain where the Delhi High Court issued notices to MCA as well as the Insolvency and Bankruptcy Board of India to start the insolvency proceedings. The National Company Law Tribunal has now decided to appoint an Interim Resolution Professional to assess Ambani's assets and look into the petition filed by State Bank of India. Spokesperson of Ambani has stated that they will look forward to file an appeal in front of the National Company Law Appellate Tribunal.

The Delhi High Court has state the insolvency and bankruptcy proceedings and issued on notice challenging this clause. Justice Vipin singi and Justice Rajneesh Bhatnagar had passed this order on 27th August 2020. State Bank of India claim that Reliance Communications Limited and Reliance infratel Limited had taken credit of rupees 565 scroll and rupees 635 ka Rose respectively from the bank. The court has analysed the the extent of of Ambani liability as a personal guarantor. The next date given is of 6th October, 2020.