Reliance Telecom & Promoter Classified as Wilful Defaulters by Canara Bank

Reliance Communications Ltd (RCOM) has disclosed that its subsidiary, Reliance Telecom Limited (RTL), has received a letter from Canara Bank. The letter states that RTL has been classified as a 'Wilful Defaulter' by the bank's Review Committee, a decision dated August 31, 2026. Furthermore, the promoter of RCOM, in his capacity as an erstwhile chairman & director of RCOM, has also been classified as a 'Wilful Defaulter' by the same committee. Both RCOM and RTL are currently undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The loan account in question pertains to the period prior to RTL's CIRP and is expected to be resolved as part of the resolution plan or liquidation. Avoidance applications have been filed with the NCLT regarding certain transactions.