Powered by free wordpress themes

Sunday , November 18 2018
Home / India Military News / Markss Infotech files insolvency petition against Reliance Naval

Powered by free wordpress themes

Markss Infotech files insolvency petition against Reliance Naval

Markss Infotech files insolvency petition against Reliance NavalMUMBAI: Anil Ambani-owned shipbuilder Reliance Naval & Engineering’s troubles have worsened with RFID solutions provider Markss Infotech filing a fresh insolvency petition against the firm.

The development comes more than a month after IDBI Bank had moved the National Company Law Tribunal (NCLT) against Reliance Naval for defaulting on a loan of about Rs 1,250 crore. Long-term infrastructure lender IFCI, too, had filed a similar application in November 2017, which is reported to be pending since then.

Kirit Shah, director of Mumbai-based Markss Infotech, confirmed the filing of the insolvency petition at NCLT Ahmedabad, to recover dues of about Rs 60 lakh, including interest.

ET has viewed the content of the petition.

Markss Infotech, which provided software and hardware services to Reliance Naval’s radio frequency identification devices (RFID) project in Pipavav, Gujarat, has proposed Mumbai-based Amit Gupta as the interim resolution professional to carry out day to day operation of the defaulter.

Nipun Singhvi, an Ahmedabad-based corporate lawyer, has filed the case on behalf of Markss Infotech. He declined to divulge details of the case.

Reliance Naval did not respond to ET’s email seeking comments as of press time Wednesday.

Reliance Naval, the first private sector company to obtain licence and contract to build warships in the country, is estimated to owe more than Rs 9,000 crore to over two dozen banks,according to industry sources.

In August, Reliance Group chairman Anil Ambani had said Reliance Naval had presented its lenders with a debt resolution plan and was awaiting response. “As far as Reliance Naval is concerned, we are engaged with the lenders. We had given resolution offers to the lenders,” he had said.

The company board will meet on October 23 to consider its unaudited financial results.

Reliance Naval was facing financial headwinds due to a downtrend in commercial shipbuilding sector, cancellation of contracts and cost overrun of dry dock-2 project under construction, according to IDBI Bank’s insolvency petition, reported earlier.

Operational creditors mostly have lower exposure to defaulting firms than financial creditors including banks and financial institutions. Of late, Insolvency and Bankruptcy Board of India has been asking committees of creditors, which considers resolution proposals and decides on the course of action under the insolvency proceedings, to prioritise both set of people.

Check Also

No solution to Kashmir issue, India-Pakistan relations accident prone: Natwar Singh

No solution to Kashmir issue, India-Pakistan relations accident prone: Natwar SinghNEW DELHI: India-Pakistan relations are …

Leave a Reply