Bank of Baroda has marked the loan accounts of Reliance Communications (RCom) and its former director, Anil Ambani, as “fraud” in a recent exchange filing. The move relates to borrowings taken before the telecom company entered the corporate insolvency resolution process (CIRP).
RCom clarified that the loans in question predate its insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016, and must therefore be resolved either through its approved resolution plan or, if required, liquidation under the IBC framework. The company is currently managed by resolution professional Anish Niranjan Nanavaty.
While Anil Ambani is no longer a director at RCom, the development marks another turn in the company’s long financial troubles. A resolution plan for RCom has already been cleared by the committee of creditors and is now awaiting final approval from the National Company Law Tribunal (NCLT).
