Overview

• A division bench of Justices Revati Mohite Dere and Neela Gokhale dismissed the petition as without merit, with a detailed judgment awaited.
• SBI classified the account as fraudulent in June under the RBI’s 2016 directions, which require reporting to CRILC, notification to the RBI within 21 days, and referral to an investigating agency.
• Following SBI’s complaint, the CBI registered a case and conducted searches, citing an alleged loss of ₹2,929 crore linked to Reliance Communications and Anil Ambani.
• Ambani argued SBI denied due process by not granting a hearing and by delaying key documents, while SBI’s counsel defended the classification and sought dismissal.
• Other lenders took varying steps on related accounts, with Canara Bank withdrawing its 2024 fraud tag and the High Court restraining Bank of Baroda from coercive action, as RCom remains under insolvency.