The insolvency case against the Anil-Ambani-led Reliance Naval and Engineering Ltd, filed by IFCI in the National Company Law Tribunal (NCLT) was adjourned for further hearing on January 11, 2018.
The Ahmedabad bench of NCLT on Tuesday adjourned the hearing on IFCI's petition after the Reliance Naval counsel requested for time to consider an appeal before the National Company Law Appellate Tribunal (NCLAT) in the interim.
IFCI had approached the NCLT last month seeking to initiate bankruptcy proceedings against Reliance Marine & Offshore Ltd - a subsidiary of Reliance Naval and Engineering Ltd under the Insolvency and Bankruptcy Code.
Reliance Marine and Offshore Ltd - a subsidiary of Reliance Naval and Engineering Ltd as its guarantor had failed to service Rs 60-crore loan extended by IFCI, as claimed by the petitioner.
On November 27, the NCLT had asked Reliance Naval to file objections to the insolvency plea which came up for hearing on December 8. The hearing was then adjourned and was put for hearing on December 19.
Earlier Reliance Naval had refuted the charge, saying that there are no merits in the application filed by IFCI before NCLT “as it is an unsecured creditor”.
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