The case involves an application (IA 51 of 2018) filed by Reliance Naval and Engineering Limited (Corporate Debtor) seeking to keep Company Petition (IB) No. 172 of 2017, filed by IFCI Limited (Financial Creditor), in abeyance. IFCI Limited had filed CP(IB) No.171 of 2017 against Reliance Marine and Offshore Limited, styling it as Corporate Debtor/Principal Borrower, and CP(IB) No. 172 of 2017 against Reliance Naval and Engineering Limited, styling it as Corporate Debtor/Corporate Guarantor. Reliance Marine and Offshore Limited requested adjournment in CP(IB) No.171 of 2017, arguing that proceedings against the Principal Borrower and Corporate Guarantor should proceed simultaneously, which was rejected. The order of the Adjudicating Authority dated 18th January, 2018,
…IFCI Limited filed CP(IB) No.171 of 2017 against Reliance Marine and Offshore Limited as the Principal Borrower and CP(IB) No. 172 of 2017 against Reliance Naval and Engineering Limited as the Corporate Guarantor, both under Section 7 of the Insolvency and Bankruptcy Code, 2017. Reliance Marine and Offshore Limited requested an adjournment in CP(IB) No.171, seeking simultaneous proceedings against both entities, which was rejected by the Adjudicating Authority on January 18, 2018. This rejection was appealed to the NCLAT (Company Appeal No.40 of 2018). Reliance Naval and Engineering Limited then filed IA 51 of 2018, seeking to keep CP(IB) No.172 in abeyance pending the NCLAT's decision. The NCLAT's order noted that a petition under Section 7 had been filed against both
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IFCI Limited filed…
IFCI Limited filed…
The case involves an application (IA 51 of 2018) filed by Reliance Naval and Engineering Limited (Corporate Debtor) seeking to keep Company Petition (IB) No. 172 of 2017, filed by IFCI Limited (Financial Creditor), in abeyance. IFCI Limited had filed CP(IB) No.171 of 2017 against Reliance Marine and Offshore Limited, styling it as Corporate Debtor/Principal Borrower, and CP(IB) No. 172 of 2017 against Reliance Naval and Engineering Limited, styling it as Corporate Debtor/Corporate Guarantor. Reliance Marine and Offshore Limited requested adjournment in CP(IB) No.171 of 2017, arguing that proceedings against the Principal Borrower and Corporate Guarantor should proceed simultaneously, which was rejected. The order of the Adjudicating Authority dated 18th January, 2018,
…IFCI Limited filed CP(IB) No.171 of 2017 against Reliance Marine and Offshore Limited as the Principal Borrower and CP(IB) No. 172 of 2017 against Reliance Naval and Engineering Limited as the Corporate Guarantor, both under Section 7 of the Insolvency and Bankruptcy Code, 2017. Reliance Marine and Offshore Limited requested an adjournment in CP(IB) No.171, seeking simultaneous proceedings against both entities, which was rejected by the Adjudicating Authority on January 18, 2018. This rejection was appealed to the NCLAT (Company Appeal No.40 of 2018). Reliance Naval and Engineering Limited then filed IA 51 of 2018, seeking to keep CP(IB) No.172 in abeyance pending the NCLAT's decision. The NCLAT's order noted that a petition under Section 7 had been filed against both
…IFCI Limited filed…
IFCI Limited filed…