Reliance Communications says SBI panel rejects plea, moves to list it wilful defaulter
Reliance Communications told NSE that SBI's review committee rejected its representations and will send its name to credit bureaus as a wilful defaulter; the company says it expects no impact.
Key points
- Reliance Communications said in an NSE filing that SBI's committee rejected its representations and will forward its name to credit bureaus as a wilful defaulter.
- SBI's letter is dated 31 October 2026; the company says the amount is in an annexure, and the filing text does not give it.
- The company, in insolvency since 2019, says a creditor-approved resolution plan awaits tribunal approval and the step is not expected to affect it.
Reliance Communications Limited said in a filing with the National Stock Exchange on 4 November 2026 that State Bank of India (SBI) has rejected its representations and decided to send its name to credit information companies for inclusion in the list of wilful defaulters. The company, which is under corporate insolvency resolution, said it expects no impact.
What Happened
According to the company's filing, SBI wrote to the company and its erstwhile promoter in a letter dated 31 October 2026, which the company received on 3 November 2026. The company said SBI's Review Committee for Wilful Defaulters examined the submissions made on the company's behalf, rejected them, and decided to forward the company's name to the credit information companies. These are the agencies that keep borrowers' credit records.
The filing says the amount involved is "as specified" in SBI's letter, which is attached to the filing as an annexure. The text of the filing does not state the amount.
The company said it has been in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 since 28 June 2019, with its affairs run by a resolution professional appointed by the National Company Law Tribunal, Mumbai Bench. It said a resolution plan has been approved by its committee of creditors and is awaiting the tribunal's approval.
The company said the credit facilities in SBI's letter relate to the period before the insolvency process began. In its view, such dues must be resolved through a resolution plan or in liquidation. It also pointed to Section 14(1)(a) of the Code, which it said protects it from suits and proceedings during the process, and to Section 32A, which it said gives a company immunity from liability for earlier offences once the tribunal approves a resolution plan that changes its management or control.
On that basis, the company said the classification "is not expected to have any impact on the Company". It said it is examining SBI's letter through the resolution professional and seeking legal advice on the way forward.
What It Means
The filing records SBI's decision and the company's own view of it. It is not a court or tribunal finding, and the company's position on its legal effect is its own.
For shareholders and creditors, the filing shows that the resolution plan still needs the tribunal's approval, as the company states. The filing does not say when that will happen.
Readers who want to check how a wilful-defaulter listing is recorded can ask a credit information company for their own credit report. For complaints about a bank, RBI's complaints portal is at https://cms.rbi.org.in.
Oquilia Data: Reliance Communications Ltd. (NSE: RCOM)
| Close, 3 Nov 2026 | Rs 0.81 (+1.25% on the day) |
|---|---|
| Return 1M / 3M / 6M / YTD / 1Y | −5.81% / −3.57% / −15.63% / −27.03% / −38.17% |
| Against Nifty 50, 1M / 3M / YTD | −12.01 / +0.32 / −18.15 points |
| 52-week closing high / low | Rs 1.34 (13 Nov 2025) / Rs 0.76 (30 Mar 2026) |
| Turnover, 20-session average | Rs 0.24 cr; latest volume 0.8x |
Closes adjusted for splits and bonuses; returns exclude dividends. Facts from NSE's files, not investment advice.
Source: Company filing on NSE
Sources & Citations
- Company filing on NSE — National Stock Exchange of India