Home / Companies / IFCI files insolvency petition against Reliance Naval and Engineering

IFCI Ltd has filed an insolvency petition against Reliance Naval and Engineering Ltd. While an IFCI spokesperson was not available for a comment, a person close to the development said that Reliance Naval owes about Rs60 crore to the firm. The case will heard by the National Company Law Tribunal (NCLT) during the first week of December.

Reliance Naval termed IFCI’s action as “premature" and “unwarranted" in a statement to the stock exchanges.

“In this regard, we would like to clarify that as legally advised, there are no merits in the application filed by IFCI before the NCLT, Ahmedabad as it is an unsecured creditor," the firm said. It added that 25 secured lenders have also requested IFCI to settle the matter outside the court. Earlier this year, Reliance Naval exited the corporate debt restructuring process initiated by its lenders led by IDBI Bank.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

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