AHMEDABAD | MUMBAI: The National Company Law Tribunal’s Ahmedabad chapter has adjourned the bankruptcy petition against Reliance Naval and Engineering filed by financial creditor IFCI. The dedicated bankruptcy court will next hear the case on December 19.
The company has pointed out to the court that there is no provision in the Insolvency and Bankruptcy Code (IBC) for filling a simultaneous Section 7 application against a principal borrower as well as a corporate guarantor. Such action on the part of IFCI is an abuse of the process of IBC, Reliance Naval said in its objections and contentions filed through its counsel Nandish Chudgar of Nanavati Associates.
The principal borrower is the erstwhile Pipavav Marine & Offshore L…
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