Reliance Marine to face insolvency proceedings.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Reliance Marine, a subsidiary of the Anil Ambani-led Reliance Naval and Engineering, under the insolvency and bankruptcy code (IBC) proceedings almost two years after the application was first filed, as per ET reports.
Reliance Marine and offshore is the second ADAG (Anil Dhirubhai Ambani Group) company after Reliance Communications to be admitted under the IBC (insolvency and bankruptcy code) process.
The insolvency petition was first filed by Delhi-based IFCI in November 2017. The company had lent Rs 150 crore to RMOL.
When contacted by ET, VSV Rao, executive director of IFCI, confirmed the development but refused to divulge any details since the matter is sub judice.
“This petition was filed by IFCI and was admitted today. Now the process under IBC can start. The total dues that RMOL owes to lenders is estimated to be around Rs 1,000 crore out of which IFCI is a major lender,” said a person aware of the application.
By ABHINAV RANJAN, DKODING MEDIA