Anil Ambani’s counsel is learnt to have urged the State Financial institution of India (SBI) to withdraw its determination classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” The counsel claimed the transfer was made “with out giving Anil D. Ambani an opportunity to current his case.”
As soon as amongst India’s largest cellular service suppliers, RCom is at the moment present process Company Insolvency Decision Course of (CIRP) beneath the Insolvency and Chapter Code (IBC), 2016. The decision plan was accredited by the Committee of Collectors and filed with the Nationwide Firm Legislation Tribunal (NCLT), Mumbai, on March 6, 2020. The tribunal’s approval remains to be awaited.
In July, the federal government knowledgeable Parliament that SBI had declared each RCom and Ambani as fraud entities on June 13, 2025, beneath the RBI’s Grasp Instructions on Fraud Danger Administration and the financial institution’s board-approved coverage. Minister of State for Finance Pankaj Chaudhary mentioned in a written reply to the Lok Sabha that SBI was additionally within the technique of submitting a criticism with the Central Bureau of Investigation (CBI). He added that the financial institution had initiated private insolvency proceedings in opposition to Ambani, that are pending earlier than the NCLT, Mumbai.
“SBI’s order was handed with out granting Anil D. Ambani a private listening to. This denial is a direct violation of elementary rules,” Anil Ambani counsel mentioned, arguing that the transfer undermines the financial institution’s impartiality and credibility. Sources claimed the financial institution has not shared all documentation with regard to the present trigger discover with the erstwhile promoter of the corporate.
Ambani’s counsel added that Canara Financial institution, a part of the consortium of RCom’s lenders alongside SBI, withdrew its personal fraud classification of the corporate and Ambani earlier than the Bombay Excessive Court docket on July 10. In line with the counsel, the financial institution has acknowledged that its earlier classification “couldn’t be sustained in regulation” and selected to not pursue the matter additional.
SBI’s whole publicity to RCom features a fund-based principal excellent of practically Rs 2,228 crore as of August 26, 2016, together with accrued curiosity and bills, along with non-fund-based ensures value round Rs 787 crore. Referring to Canara Financial institution’s withdrawal, Ambani’s counsel questioned the consistency of lenders’ actions inside the identical consortium, asking why SBI continued to carry its place.
