NCLT adjourns insolvency case against Reliance Naval by IFCI to Jan 18

IFCI had filed separate petitions in mid-November in NCLT under section 7 of the Insolvency and Bankruptcy Code 2016 against defaulter Reliance Marine and Offshore Ltd

The Ahmedabad bench of National Company Law Tribunal (NCLT) on Tuesday adjourned an insolvency case against Anil Ambani-led Reliance Naval and Engineering Ltd. to January 18, 2018.

The case had been earlier adjourned on grounds of Reliance Naval and Engineering Ltd. seeking time to approach the apex National Company Law Appellate Tribunal (NCLAT). However, with a NCLAT hearing yet to happen, the ongoing case at the Ahmedabad bench of NCLT was adjourned till January 18.

Reliance Marine & Offshore Ltd., a subsidiary of Reliance Naval and Engineering Ltd. and its guarantor, failed to serve a Rs 600 million loan extended