Bank of Baroda has declared the loan accounts of Reliance Communications Ltd. and its erstwhile director Anil Ambani as “fraud”, according to an exchange filing on Thursday.
RCom, in the filing, said the loans referred to by Bank of Baroda pertain to the period prior to the corporate insolvency resolution process of the company.
As per the Insolvency and Bankruptcy Code, they are required to be “necessarily resolved as a part of a resolution plan or in liquidation, as the case may be”, it further said.
RCom noted that a resolution plan has been approved by the committee of creditors of the company in accordance with the IBC, and is presently awaiting approval of the National Company Law Tribunal.
The company is under the control of the…