RCom Faces Wilful Defaulter Tag from SBI

Reliance Communications Ltd (RCom) has received a communication from the State Bank of India (SBI) stating that its Review Committee for Wilful Defaulters has rejected RCom's representations. Consequently, SBI will forward RCom's name to Credit Information Companies (CICs) for inclusion in the list of Wilful Defaulters. RCom noted that these credit facilities predate its Corporate Insolvency Resolution Process (CIRP). The company is currently awaiting NCLT approval for a resolution plan. RCom highlighted that Section 32A of the Insolvency and Bankruptcy Code, 2016, provides immunity against liabilities for offenses committed prior to CIRP upon resolution plan approval.