Anil Ambani’s counsel is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” The counsel claimed the move was made “without giving Anil D. Ambani a chance to present his case.”
Once among India’s largest mobile service providers, RCom is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai, on March 6, 2020. The tribunal’s approval is still awaited.
In July, the government informed Parliament that SBI had declared…