In letters dated March 17, 2026, sent to Challa Sreenivasulu Setty and Debadatta Chand, Ambani requested the formation of a lenders’ committee led by the State Bank of India and Bank of Baroda.
The purpose of the proposed committee would be to “clarify any legally outstanding dues” and establish a structured, timely repayment plan, according to the letters reviewed.
Ambani referred to a counter affidavit submitted to the Supreme Court of India in an ongoing writ petition and drew comparisons to the Sandesara/Sterling Biotech resolution, where debts were settled after obtaining court approval.
He also pointed out SBI’s role as the lead bank in the Committee of Creditors (CoC) for Reliance Communications during insolvency procedures, and BoB’s previous leadership in the inter-creditor agreement (ICA) resolution for Reliance Commercial Finance and Reliance Home Finance.
The letters suggest that a representation has also been made to Finance Minister Nirmala Sitharaman, requesting support for a structured resolution strategy.
Ambani stressed the group’s “proven track record of asset monetisation and repayment to lenders,” and requested personal involvement from bank leaders to move the proposal forward. He proposed a meeting for the week of March 23 to continue discussions.
This development occurs amid ongoing efforts to address legacy debt across various entities within the Reliance Group through legal and negotiated solutions.
