The case pertains to an application filed by IFCI Ltd., the Petitioner-Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against RMOL Engineering and Offshore Ltd. (erstwhile Reliance Marine & Offshore Ltd.), the Respondent-Corporate Debtor. The petition was initially filed on November 10, 2017, and later amended via Miscellaneous Application No. 08 of 2019 to reflect the change in the corporate debtor's name. The financial creditor claimed a default of Rs. 159,61,82,597 as of September 30, 2017, along with further interest. The corporate debtor opposed the petition, citing various reasons, including the existence of securities and an agreement clause requiring the
…IFCI Ltd. (the Financial Creditor) sanctioned a corporate loan to Pipavav Marine and Offshore Ltd. (later renamed Reliance Marine & Offshore Ltd. and subsequently RMOL Engineering and Offshore Ltd., the Corporate Debtor) up to Rs. 202,22,00,000 on March 30, 2013. The loan was disbursed in tranches between September 19, 2013, and September 24, 2013. The Corporate Debtor provided various securities, including pledges of shares, mortgages, and personal and corporate guarantees. Due to defaults in repayment, the Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 159,61,82,597 as of September 30, 2017, along with interest. The Corporate Debtor admitted to the loan liability but disputed the
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IFCI Ltd. sanctioned a corporate loan up to…
Rs. 50 Cr…
The case pertains to an application filed by IFCI Ltd., the Petitioner-Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against RMOL Engineering and Offshore Ltd. (erstwhile Reliance Marine & Offshore Ltd.), the Respondent-Corporate Debtor. The petition was initially filed on November 10, 2017, and later amended via Miscellaneous Application No. 08 of 2019 to reflect the change in the corporate debtor's name. The financial creditor claimed a default of Rs. 159,61,82,597 as of September 30, 2017, along with further interest. The corporate debtor opposed the petition, citing various reasons, including the existence of securities and an agreement clause requiring the
…IFCI Ltd. (the Financial Creditor) sanctioned a corporate loan to Pipavav Marine and Offshore Ltd. (later renamed Reliance Marine & Offshore Ltd. and subsequently RMOL Engineering and Offshore Ltd., the Corporate Debtor) up to Rs. 202,22,00,000 on March 30, 2013. The loan was disbursed in tranches between September 19, 2013, and September 24, 2013. The Corporate Debtor provided various securities, including pledges of shares, mortgages, and personal and corporate guarantees. Due to defaults in repayment, the Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 159,61,82,597 as of September 30, 2017, along with interest. The Corporate Debtor admitted to the loan liability but disputed the
…IFCI Ltd. sanctioned a corporate loan up to…
Rs. 50 Cr…