Reliance Communications Ltd informed the exchanges in a BSE filing on September 8, 2026 that Canara Bank has classified its subsidiary, Reliance Telecom Limited (RTL), as a “Wilful Defaulter” under applicable RBI guidelines. The bank’s letter was dated September 4 and received by RTL on September 7.

The filing said Canara Bank’s Review Committee for Wilful Defaulters reached its decision on August 31, 2026. The bank also classified the promoter of Reliance Communications, in the person’s capacity as an erstwhile chairman and director of RCOM, as a wilful defaulter.

CIRP status and resolution plans

RCOM said both it and RTL are undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. Their respective resolution plans have been approved by their committees of creditors and are awaiting approval from the NCLT’s Mumbai Bench.

  • The loan account cited by Canara Bank relates to the period before RTL entered CIRP, according to the filing.
  • RTL’s resolution professional has filed avoidance applications relating to certain transactions identified in the bank’s letter; these matters are pending before the NCLT.
  • RCOM said legal advice is being sought on the way forward.

The company said the classification concerns wilful default and is not a reported fraud. It added that the CIRP framework includes protections relating to proceedings against RCOM and RTL, while the treatment of the loan account will be determined through the resolution plan or liquidation process, as applicable.

Reliance Communications has been under corporate insolvency resolution process since 2019, with its affairs managed by the resolution professional, the filing said.

Source: BSE corporate announcement.