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Three State-run lenders, State Bank of India (SBI), Union Bank of India (UBI) and Indian Overseas Bank (IOB), have classified accounts of the Anil Ambani owned Reliance Communication Ltd (RCom) and its two units Reliance Telecom Ltd (RTel) and Reliance Infratel Ltd (RInfra) as fraudulent.
Further, the Delhi High Court (HC) has opined that the Union government is free to take any steps, or investigate or file any complaint proceedings against RCom and RTel. The resolution professional for RCom has accepted claims worth Rs49,224 crore from 53 creditors, including banks, non-banking finance companies (NBFCs) and mutual funds (MFs).
As per a report from LiveLaw, the vacation bench of justice Subramonium Prasad of Delhi HC, while hearing a plea filed by RCom, has asked UBI and IOB to maintain