Loan & Debt9 May 2026, 05:01 pm
Reliance Telecom Loan Account Classified as Fraud by PNB
AI Summary
Reliance Communications Ltd's subsidiary, Reliance Telecom Limited (RTL), has had its loan account classified as "fraud" by Punjab National Bank (PNB). This classification was decided by PNB's 'Fraud Examination Committee'. The loan account pertains to a period prior to the Corporate Insolvency Resolution Process (CIRP) of RTL. Both RCOM and RTL are undergoing CIRP, and their resolution plans are awaiting approval from the National Company Law Tribunal (NCLT), Mumbai Bench. Avoidance applications related to certain transactions have been filed with the NCLT.
Key Highlights
- PNB has classified Reliance Telecom's loan account as 'fraud'.
- Smt. Grace Thomas, former director of RTL, also classified as fraud.
- RCOM and RTL are currently undergoing Corporate Insolvency Resolution Process.
- Resolution plans for RCOM and RTL await NCLT approval.
- Avoidance applications related to transactions have been filed with NCLT.