Reliance Marine and Offshore owes Rs 159 crore, says IFCI

Term lender IFCI today said that Reliance Marine and Offshore owes it Rs 159 crore and the case for recovery of the amount is pending before the National Company Law Tribunal (NCLT), Ahmedabad.
Reliance Marine and Offshore Ltd is a subsidiary of the Anil Ambani-promoted Reliance Naval and Engineering Ltd.
"At the hearing held on December 19, 2017, the Tribunal has rejected the application filed by Reliance Naval and Engineering Ltd seeking a stay of the NCLT proceedings on the ground that the Constitutional validity of Section 7 IBC is under challenge before the Gujarat High Court," IFCI said in a statement.

NCLT, Ahmedabad has given a time of seven days to the respondent to file an appeal against the above dismissal of the application.
The matter is currently sub-judice and the case is posted for hearing on January 11, 2018, it added.
The statement further said that none of the lenders of Reliance Marine and Offshore Ltd or Reliance Naval and Engineering Ltd have approached IFCI after the filing of the NCLT petition, suggesting that the matter be resolved outside the tribunal.
IFCI's claim on the amount of debt owed on account of Reliance Marine and Offshore Ltd is Rs 159 crore, as per the petition filed by it before NCLT, Ahmedabad, it said.

The loan is duly secured by the corporate guarantee of Reliance Naval and Engineering Ltd, it added.