SBI has classified Reliance Communications’ loan account as “fraud,” shocking corporate India.

By Aniket Chakraborty July 2, 2025 Arrow BUSINESS

The bank also plans to report Anil Ambani, RCom’s former director, to the Reserve Bank of India.

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The loans in question predate RCom’s Corporate Insolvency Resolution Process (CIRP).

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A resolution plan has already been approved by creditors and awaits NCLT’s final nod.

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SBI says Ambani failed to explain irregularities in RCom’s loan conduct to the bank’s satisfaction.

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RCom argues it is legally shielded by Sections 14, 32A, and 238 of the Insolvency Code.

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The company says the fraud classification should not materially impact its insolvency process.

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Anil Ambani calls the SBI order “shocking” and a violation of natural justice and Supreme Court rulings.

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Ambani claims he received no personal hearing and was only a non-executive director, like others cleared.

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Legal experts say the conflict now hinges on IBC immunity vs. post-CIRP liability enforcement.

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