While the bank provided a personal hearing, it found the arguments in the reply to be “not sustainable” against specific allegations such as “mis-utilization of funds, improper loan utilization, unauthorized transfers,” and “fund recycling”.
RCOM’s disclosure notes that the company is protected from legal proceedings under the Insolvency and Bankruptcy Code, 2016, during its CIRP. It also states that if the resolution plan is approved by the National Company Law Tribunal (NCLT), the company will have immunity against any liability for offenses committed prior to the CIRP commencement. The company’s affairs, business, and assets are currently managed by a Resolution Professional named Anish Niranjan Nanavaty.
The total outstanding credit facilities for RCOM from Bank of Baroda amounted to Rs 1,656.07 crore as of August 28, 2025.
Reacting to the development, a spokesperson on behalf of Anil Ambani said that Ambani served only as a Non-Executive Director on the Board of RCom from inception in 2006 until his resignation from the Board in 2019, over six years ago (for almost 14 years).
“He was never an Executive Director or a KMP of the company, and had no role whatsoever in the day-to-day operations or decision-making of the company,” said that spokesperson, adding that after an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner targeting Ambani.
Anil Ambani has categorically denied all allegations and charges and shall pursue remedies available to him in accordance with legal advice.