38.6c New Delhi, India, Friday, March 29, 2024
Business

Anil Ambani’s Reliance Marine Admitted For Insolvency Proceedings By NCLT Ahmedabad

By LawStreet News Network      27 August, 2019 12:08 PM      0 Comments
Anil Ambani’s Reliance Marine Admitted For Insolvency Proceedings By NCLT Ahmedabad

The National Company Law Tribunal (NCLT) Bench of Ahmedabad has admitted initiation of insolvency proceedings against 'RMOL Engineering and Offshore Ltd' (till recently known as 'Reliance Marine Engineering and Offshore Ltd'), belonging to Anil Dhirubhai Ambani Group (ADAG).

The admission was made after Industrial Financial Corporation of India Ltd (IFCI), a public sector financial institution filed Section 7 petition under the Insolvency and Bankruptcy Code in the year 2017. IFCI had advanced a loan of 202 crores to Pipavav Marine and Offshore Limited in 2013 which was later taken over by Reliance. The company is liable to pay about 200 crores to IFCI.

The application was pending since 2017 due to series of adjournments granted by NCLT Ahmadabad. This led IFCI to file an appeal before the National Company Law Appellate Tribunal (NCLAT) Delhi which by its order dated April 11, 2019, directed NCLT Ahmedabad to take up the matter on urgent basis after hearing the 'Corporate Debtor' and pass the appropriate order by April 30, 2019.

However, despite the direction by the NCLAT, the case was further adjourned in two consecutive hearings. The IFCI again approached NCLAT against the grant of adjournment.

In appeal, the NCLAT, passed a scathing order as follows: "In the facts and circumstances, we give last opportunity to Mr. Harihar Prakash Chaturvedi, (Member Judicial) and Ms. Manorama Kumari, (Member Judicial), Adjudicating Authority ('National Company Law Tribunal'), Ahmedabad Bench, Ahmedabad to pass final order by 21st August, 2019 failing which the matter will be referred to the 'President, National Company Law Tribunal, New Delhi and the Secretary, Ministry of Corporate Affairs for appropriate orders."

In view of the direction, NCLT Ahmedabad conducted day to day hearing and passed the order of insolvency proceedings against RMOL.



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

arvind-kejriwals-plea-for-interim-release-rejected-by-delhi-high-court
Trending Judiciary
Arvind Kejriwal's plea for interim release rejected by Delhi High Court [Read Order]

Delhi High Court rejects Arvind Kejriwal's plea for interim release in money laundering case related to liquor policy scam, pending ED's response.

28 March, 2024 10:50 AM
youtuber-strings-plea-against-youtube-accounts-suspension-andhra-pradesh-hc-issues-notice-to-centre-google
Trending Top Stories
BREAKING: Youtuber String’s plea against Youtube accounts suspension: Andhra Pradesh HC issues notice to Centre, Google

Andhra Pradesh High Court issues notice to the Centre and Google LLC on Youtube journalist String’s plea against suspension of its accounts by Google (which owns Youtube).

28 March, 2024 11:26 AM

TOP STORIES

delhi-liquor-scam-court-remands-arvind-kejriwal-to-ed-custody-till-march-28-read-remand-application
Trending Judiciary
Delhi liquor scam: Court remands Arvind Kejriwal to ED custody till March 28 [Read Order]

Delhi liquor scam: Arvind Kejriwal remanded to ED custody till March 28. Court grants agency permission for interrogation in liquor policy case.

23 March, 2024 11:53 AM
sc-dismisses-centres-plea-for-review-of-judgment-directing-ed-to-furnish-written-grounds-of-arrest-to-pmla-accused
Trending Judiciary
SC dismisses Centre’s plea for review of judgment directing ED to furnish written grounds of arrest to PMLA accused [Read Order]

Supreme Court dismisses Centre's plea, upholds judgment mandating Enforcement Directorate to provide written grounds of arrest in PMLA cases.

23 March, 2024 03:14 PM
kerala-hc-to-hear-lesbian-couples-plea-against-forced-conversion-therapy-on-april-9
Trending Judiciary
Kerala HC to hear lesbian couple’s plea against forced conversion therapy on April 9

Kerala HC will hear a lesbian couple’s plea highlighting that one of them was subjected to forced conversion therapy.

23 March, 2024 03:30 PM
how-can-people-be-compelled-to-vote-madras-hc-asks
Trending Judiciary
“How can people be compelled to vote? Madras HC asks

“How can people be compelled to vote?”, the Madras HC queried in a plea asking employers in Tamil Nadu to demand proof from employees of having voted on polling day.

23 March, 2024 05:04 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email