Anil Ambani-owned Reliance Naval's debt resolution gets delayed yet again

Bid submission date extended for fifth time as NCLT grants five more months to lenders to complete resolution process

Even as the Naveen Jindal-owned JSPL group has joined the race to buy Anil Ambani’s bankrupt shipyard, Reliance Naval and Engineering Ltd, the National Company Law Tribunal (NCLT) has granted five more months to the lenders to complete the resolution process of the company, which has defaulted on loans worth Rs 11,000 crore.

Apart from Jindal, other serious contenders are the Russian government-owned United Shipbuilding Corporation and US-based fund, Interups.

NCLT Ahmedabad has granted a 153-day extension for the completion of the resolution process of R-Naval, to August this year. With this, the resolution professional has sought bids submission date