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IDBI Bank files insolvency application against Reliance Naval in NCLT

A filing with the BSE stated that another lender of the company IFCI Limited, had also filed the similar application in November 2017.

September 06, 2018 / 09:29 PM IST
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Moneycontrol News

IDBI Bank has filed an insolvency application in the National Company Law Tribunal (NCLT) seeking debt resolution of Reliance Naval and Engineering under the Insolvency and Bankruptcy Code (IBC).

A filing with the BSE stated another lender of the company IFCI  had also filed a similar application in November 2017.

A CNBC-TV18 report stated Reliance Naval and Engineering presented a one-time settlement offer to lenders on September 6 and the lenders have given the company 10 days to revise its settlement proposal.

The application may be withdrawn from the NCLT if 90 percent of the lenders agree to the settlement proposal.

The settlement plan reportedly involves promoters offering to take over Rs 1,350 crore of the company’s guarantee and move it to Reliance Infrastructure, the parent organisation of Reliance Naval.

The settlement offer also includes the conversion of remaining debt into equity, as per the CNBC-TV18 report.
Moneycontrol News
first published: Sep 6, 2018 09:28 pm

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