RCom account not fraud: Canara Bank tells Bombay HC

MUMBAI: In a dramatic turnaround and a likely setback to the State Bank’s effort to recover its dues from RCom, the crippled telecom company that was promoted by Anil Ambani, state-run lender Canara Bank has informed the Bombay High Court that it has withdrawn its order classifying the loan as fraudulent.

Following this disclosure, a bench of justices Revati Mohite Dere and Neela Gokhale on Thursday disposed of the petition filed by Ambani challenging the bank’s order issued last year, saying “nothing survives in it now,” and asked the bank to inform “the withdrawal order to the Reserve Bank,” a PTI report quoting the judge said Thursday.