It will simply ignore it without any warning:
./bin/reframe -c /foo.py -l
[ReFrame Setup]
version: 3.6.0-dev.1+ff33e201
command: './bin/reframe -c /foo.py -l'
launched by: karakasv@dom101
working directory: '/users/karakasv/Devel/reframe'
settings file: '<builtin>'
check search path: '/foo.py'
stage directory: '/users/karakasv/Devel/reframe/stage'
output directory: '/users/karakasv/Devel/reframe/output'
[List of matched checks]
Found 0 check(s)
Log file(s) saved in: '/tmp/rfm-x4c_6wmq.log'```