Bank of Baroda Declares RCom And Anil Ambani Loan Accounts As ‘Fraud’.
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Reuters
Anil Ambani Bank of Baroda Case: In a significant development, Bank of Baroda has declared the loan accounts of Reliance Communications Ltd. (RCom) and its former director, Anil Ambani, as “fraud.”
The bank has informed the stock exchange that this classification relates to loans taken before RCom entered the corporate insolvency resolution process (CIRP). The move adds to the challenges already surrounding the troubled telecom company and its former promoter.
RCom’s Position Under CIRP
RCom has been undergoing insolvency proceedings since June 2019 under the Insolvency and Bankruptcy Code (IBC), 2016.
The company…