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IFCI, a government company, on Wednesday said the loan it extended to Reliance Marine and Offshore Ltd (RMOL) was “duly secured” by a corporate guarantee of Reliance Naval and Engineering Ltd (RNEL), and was not unsecured.
Also, IFCI’s claim on the amount of debt owed by RMOL is ₹159 crore, as per a petition filed by it before the National Company Law Tribunal, Ahmedabad, and not ₹60 crore as made out to be in certain quarters, said a top IFCI official.
IFCI had filed a case against RMOL and RNEL before NCLT, Ahmedabad.
At the hearing before NCLT Ahmedabad on Tuesday, the Tribunal rejected RNEL’s application seeking a stay on the NCLT proceedings on the ground that the Constitutional validity of Section 7 of the Insolvency and Bankruptcy Code is under challenge before the Gujarat High Court.
NCLT has given the respondent seven days to file an appeal against the dismissal of the application, said a IFCI release filed with the stock exchanges.
The IFCI statement also said that none of the lenders of RMOL/RNEL have contacted/approached/spoken to IFCI after the filing of the NCLT petition, suggesting that the matter be solved outside the NCLT forum.
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