LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

IDBI Bank moves NCLT against Reliance Naval to recover loan

IDBI Bank has moved NCLT against Reliance Naval and Engineering Ltd to recover its dues from the company. The company has been informed that IDBI Bank Ltd, a  lender of the company, has filed an application before the National Company Law Tribunal (NCLT), Ahmedabad, seeking debt resolution under the Insolvency and Bankruptcy Code (IBC).  

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
IDBI Bank moves NCLT against Reliance Naval to recover loan
IDBI Bank has moved NCLT against Reliance Naval and Engineering Ltd to recover its dues from the company. Image source: PTI
Written By: PTI
Updated: Fri, Sep 07, 2018
09:01 am
PTI
RELATED NEWS
Public Sector Banks Privatisation News: Big confirmation by Modi government - Check latest news update Public Sector Banks Privatisation News: Big confirmation by Modi government - Check latest news update
Exclusive: India likely to announce sale of IDBI bank, stake in LIC, sources say Exclusive: India likely to announce sale of IDBI bank, stake in LIC, sources say
Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification
 Want to open account in IDBI Bank? Video KYC Account Opening facility is here Want to open account in IDBI Bank? Video KYC Account Opening facility is here
Big news for IDBI Bank investors! What is LIC going to do? Anil Singhvi clears the air about stake sale reports Big news for IDBI Bank investors! What is LIC going to do? Anil Singhvi clears the air about stake sale reports

IDBI Bank has moved NCLT against Reliance Naval and Engineering Ltd to recover its dues from the company. The company has been informed that IDBI Bank Ltd, a lender of the company, has filed an application before the National Company Law Tribunal (NCLT), Ahmedabad, seeking debt resolution under the Insolvency and Bankruptcy Code (IBC), Reliance Naval and Engineering said in a regulatory filing Thursday.

Besides, long-term infrastructure lender IFCI had also filed a similar application in November 2017, which is pending since last 10 months for admission, it said.

The Anil Ambani promoted Reliance Naval and Engineering Ltd (RNAVAL) is the first private sector company in India to obtain the licence and contract to build warships.

The company had said its net loss widened to Rs 347.21 crore in the quarter ended June 30, from Rs 230.42 crore in the year-ago period.

The company, which was earlier known as Pipavav Defence & Offshore Engineering, was bought over by Anil Ambani group in 2016 and renamed it as Reliance Defence & Engineering.

It owes over Rs 9,000 to over two dozen banks, mostly state-run, led by the troubled IDBI Bank.

Also, the company had issued a corporate guarantee for loan availed by its subsidiary Reliance Marine and Offshore Ltd (ROML), further to which IFCI had issued a loan recall notice in 2017-18 and subsequently had applied for the insolvency petition under IBC due to continued default in repayment of loans against ROML and the company.

Subsequent to loan recall by IFCI, Reliance Naval and RMOL had asked the lender to liquidate the securities to meet the obligations by RMOL.

Stock of RNAVAL closed 1.57 per cent up at Rs 16.15 on BSE.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
IDBI Bank
RELATED NEWS
Public Sector Banks Privatisation News: Big confirmation by Modi government - Check latest news update Public Sector Banks Privatisation News: Big confirmation by Modi government - Check latest news update
Exclusive: India likely to announce sale of IDBI bank, stake in LIC, sources say Exclusive: India likely to announce sale of IDBI bank, stake in LIC, sources say
Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification Warning for bank account holders! Do this fast or you may be badly affected - check IDBI Bank notification
 Want to open account in IDBI Bank? Video KYC Account Opening facility is here Want to open account in IDBI Bank? Video KYC Account Opening facility is here
Big news for IDBI Bank investors! What is LIC going to do? Anil Singhvi clears the air about stake sale reports Big news for IDBI Bank investors! What is LIC going to do? Anil Singhvi clears the air about stake sale reports

LATEST NEWS

XLRI Placements 2020, 2021: 100% jobs! Check highest salary, average package and name of companies, top recruiters

SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside

India Post GDS Recruitment 2021: 233 posts for Gramin Dak Sevaks with TRCA allowances up to Rs 14,500 in Delhi circle available - last day today

Indian Army Recruitment 2021: Apply for Technical Graduate Course on joinindianarmy.nic.in—Check age limit, last date, how to apply and more

Parents alert! Your kids spending long hours on smartphone? Don't panic - Read this

Last day, apply now! 1150 vacant posts for Gramin Dak Sevaks in Telangana postal circle; check how to apply, TRCA allowances, age limit, eligibility and other details now

In chat with Anil Singhvi, analyst Vikas Sethi picks NCL, UPL as top buys for handsome returns

One Plus 9 series, OnePlus Watch launch in India: Dates revealed! here's all you need to know

GST collections rise 7 pc to Rs 1.13 lakh cr in Feb

Sensex surges 750 points - Here is what led to this rally | Check top gainers

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved