Anil Ambani withdraws plea in Rs 750 crore IDBI Bank fraud case linked to RCom loan

Ambani’s lawyers, Ankit Lohia and Ameet Naik, had sought court’s order to restrain the bank from holding a personal hearing until all relevant materials were provided to him, reported India Today.

In his plea, the lawyers argued that continuing with the hearing without full disclosure would cause "grave prejudice" to the petitioner.

Advocates Zarir Bharucha, Dhwani Gala and Rishi Thakur, appearing for IDBI Bank opposed Ambani’s petition.

Bharucha argued that the bank had already shared the forensic audit report, the basis for initiating action under the RBI's Master Directions on Fraud Risk Management in Commercial Banks, along with all annexures, report stated.

Ambani had been given numerous opportunities for a personal hearing but had not availed them, he added.

The next hearing before the bank's fraud examination committee will be held on October, 30, 2025.

The vacation bench of Justice Sandesh D Patil said it wasn’t in favour of granting any ad-interim relief. 

Following this, Advocate Lohia, on Ambani's instructions, informed the bench that the appeal would be withdrawn and that his client would appear before the bank "under protest," the report added.

IDBI Bank had served the show cause notice to Ambani under RBI's Master Directions on Fraud Risk Management in Commercial Banks.

The rules authorize banks to declare a company and its directors as "fraud" if funds are found to have been diverted or misused.

The bank initiated the proceedings in connection with loans sanctioned to Reliance Communications Ltd, which went into insolvency after it failed to service its debt obligations.