IDBI Bank to file insolvency case against Reliance Naval with NCLT

According to R-Naval's annual report for 2016-17, it had overdue loans of Rs 3.432 billion toward principal and interest payments

IDBI Bank will file insolvency applications against Reliance Naval and Engineering (R-Naval) with the National Company Law Tribunal (NCLT) Bench in Ahmedabad in the next few days.

This is a sequel to the Reserve Bank of India’s 180-day general deadline to resolve around 70 large stressed corporate accounts having ended this Monday, said two  sources. 

A senior banking executive told Business Standard that IDBI had instructed its lawyers to file the applications under the Insolvency and Bankruptcy Code; this would happen over the next few days. 

According to a report from Brickwork Ratings, R-Naval owes lenders close to Rs 90.4 billion, with IDBI