New Delhi, Jan. 12 -- The Delhi High Court on Monday refused to stay the show-cause proceedings initiated by Union Bank of India against Jai Anmol Ambani, but expressed its serious doubts about the rationale behind the bank's move in the backdrop of the completed insolvency process of Reliance Home Finance Ltd.

Justice Jasmeet Singh stated that the impugned show-cause notice dated December 22, 2025 relates to alleged fraudulent transactions in RHFL's account, despite the company having already undergone insolvency proceedings under the IBC. The Court pointed out that the resolution plan had been approved by the lenders, including Union Bank, and had also received approval from the Supreme Court of India, raising questions about the susta...