Reliance Marine and Offshore (RMOL), a subsidiary of the Anil Ambani-controlled Reliance Naval and Engineering is under insolvency proceedings after two years of the application. The RMOL is the second company of ADAG that is admitted under insolvency and bankruptcy code (IBC) after Reliance Communications.
Delhi-based IFCI filed the insolvency case in November 2017. The IFCI lent Rs 150 crore to RMOL. “This petition was filed by IFCI and was admitted today. Now the process under IBC can start. The total dues that RMOL owes to lenders is estimated to be around Rs 1,000 crore out of which IFCI is a major lender,” said a person familiar with the application to Economic Times.
ADAG stands for Reliance Anil Dhirubhai Ambani Group. It is an Indian conglomerate. It is headquartered is based in Mumbai. It has six listed companies: Reliance Power, Reliance Communications, Reliance Infrastructure, Reliance Capital, Reliance Entertainment and Reliance Health. This group of companies facilitates services like telecom, financial services, construction, entertainment, power, health care, manufacturing, defence, aviation, and transportation services.
Earlier, this year, the Economic Times reported that the lenders of Reliance Communications moved National Company Law Tribunal (NCLT) to appoint a new resolution professional and form a committee of creditors. The company owes close to Rs 50,000 crore to 31 lenders led by State Bank of India.
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