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The move comes days after Reliance Jio Infocomm (Jio), the designated buyer of Infratel’s assets, had moved the bankruptcy court to seek forensic audit reports that had marked the accounts of Infratel and RCom as “fraudulent”.
According to people in the know, the rushed affidavit was filed over fears that Jio may back out of its plan to buy Infratel for about Rs 4,000 crore due to the label, dealing a blow to lenders’ efforts to recover some of their money. SBI didn’t respond to queries.
“The bank feels that the fraud tag on Reliance Infratel could delay the resolution process and the quantum of recovery could fall further,” said a bank executive aware of the matter.
NCLT to hear SBI’s plea to withdraw Reliance Infratel’s fraud tag on July 5
June 10, 2021
The tribunal had sought SBI to produce further evidence and data. The National Company Law Tribunal’s (NCLT) Mumbai bench will hear State Bank of India’s request to withdraw a “fraudulent” tag it sought for Reliance Infratel Ltd (RITL) on July 5.
On the next hearing date, the tribunal has also asked the country’s largest lender to produce further evidence and data.
In a volte-face, the country’s largest lender on Wednesday moved the tribunal seeking to withdraw the fraud tag on RITL, following an internal forensic audit by SBI that allegedly found questionable transactions worth ₹5,500 crore. The alleged transactions were found in the accounts of three Anil Ambani three firms - Reliance Communications and its subsidiaries Reliance Telecom and RITL.
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