SBI classifies Loan account of Reliance Communications as Fraud
The State Bank of India as per the letter dated June 23, 2025 (received on June 30, 2025) has announced that it has classified the account of the Reliance Communications as fraud and it will be reporting the name of Shri Anil Dhirajlal Ambani (erstwhile director of the Company) to the RBI, as per the extant guidelines.
The company has informed the stock exchanges.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
According to the exchange filing, the Company (Reliance Communications Ltd) is undergoing a corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“Code”).
A resolution plan has been approved by the committee of creditors of the Company in accordance with the Code and is presently awaiting approval of the Hon’ble National Company Law Tribunal, Mumbai Bench.
The credit facilities or loans referred to in the Letter from SBI dated June 23, 2025 (received on June 30, 2025) pertain to the period before the CIRP of the Company (as identified within the letter), and are required in terms of the Code, to be necessarily resolved as a part of a resolution plan or in liquidation, as the case may be.
Further, during the CIRP, the Company is protected from, the institution/ continuation of any suits/ proceedings against the Company, including the execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority in light of Section 14(1)(a) of the Code.
Read Also : NBCC secures three major orders worth Rs 65.73 crore