NCLT ADMITS INSOLVENCY PROCEEDINGS AGAINST RMOL
NCLT ADMITS INSOLVENCY PROCEEDINGS AGAINST RMOL
-Nishant Pratap Singh
The National Company Law Tribunal bench of Ahmedabad has recently ordered initiation of insolvency proceedings against Reliance Marine Engineering and Offshore ltd., which belongs to Mr. Anil Dirubhai Ambani Group. RMOL is the second ADAG company after reliance communications to be admitted under the IBC process.
The Industrial Financial Corporation of India Ltd. (A Public Sector Financial Institution) filed an insolvency application against RMOL. The IFCI had given a loan of 202 crores to Pipavav marine and offshore ltd. (PMOL) in 2013 which was after sometime taken over by the reliance company. Hence, the company is liable to pay about 200 crores to IFCI.
Soon then IFCI filed section 7 petition under the
insolvency and bankruptcy code in the year 2007 which was pending since then
for admission.
“This petition was filed by IFCI and was admitted
today. Now the process under can start. The total dues that RMOL owes to
lenders is estimated to be around Rs. 1,000 crores out of which IFCI is a major
lender.,” said a person familiar with the application.
Notably, in view of series of adjournments granted
by “national company law tribunal bench Ahmedabad”, IFCI was constrained to
file an appeal before the “national company law appellate tribunal” Delhi. The
appellate authority passed its order on April 11, 2019, which directed “NCLT
Ahmedabad” to take up the matter on an urgent basis after
hearing the ‘corporate debtor’ and pass the appropriate orders by April 30.
Even after the direction of NCLT, the case was again
adjourned in two consecutive hearings. After that, the IFCI again approached NCLT against the grant of adjournment.
In the appeal, the NCLAT, passed a withering order as given below:
“In the facts
and circumstances, we give the last opportunity to Mr. Harihar Prakash Chaturvedi, (member judicial) and
Ms. Manorama Kumari,(member judicial), adjudicating authority (national bench
of 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.”
After the direction, NCLT Ahmedabad started conducting day to day hearing and passed the
order of insolvency proceedings against RMOL 26th august 2019.
Fortuitously while the case was pending the name of RMOL was changed into RMOL
Engineering and Offshore ltd.
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