# In the matter of Reliance Naval and Engineering Ltd.

> NCLT judgment dated 2023-10-05. Citation: TCN-2023-NCLT-01394. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 5 Oct 2023
- **Citation:** TCN-2023-NCLT-01394
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-naval-and-engineering-ltd-ad21e215

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant appears ready to pay the amount in compliance with an earlier order. However, the respondent's advocate submitted that the amount has not been paid according to the schedule.

## Facts

The matter pertains to an application under Section 7 of the IBC. The applicant claims readiness to comply with a prior order regarding payment. The respondent's advocate contests this, stating the amount remains unpaid and not as per the agreed schedule. The court is considering an application for an extension of time, but requires the applicant to first comply with the amount proposed in the resolution plan. The case is adjourned to 2023-11-22.

## Issues and analysis

### Issue 1: Whether the applicant has complied with the earlier order regarding payment as per the agreed …

**Ratio:** Compliance with court orders is a fundamental principle of law. Parties are expected to

…

**Reasoning:** The court noted the respondent's advocate's submission that the payment was not made as

…

**Interpretation:** The interpretation of 'compliance' requires strict adherence to the terms of

…

**Application:** The court is essentially requiring the applicant to demonstrate actual

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** IDBI…
- **Respondents:** Reliance Naval &…

## Timeline

- **2023-10-05 — Order Del…**: Order delivered in the matter of IDBI vs…
- **2023-11-22 — Next Hearin…**: Case kept for hearing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-naval-and-engineering-ltd-ad21e215