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Reliance Naval drops 5% as IDBI Bank moves NCLT

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NEW DELHI: Shares of Reliance Naval and Engineering lost 5 per cent on Friday after IDBI Bank moved the NCLT against the company to recover its dues. The stock fell 4.95 per cent to hit a low of Rs 15.35 on the BSE. In a regulatory filing, the company said IDBI Bank, a lender of the company, has filed an application before the National Company Law Tribunal (NCLT), Ahmedabad, seeking debt resolution under the Insolvency and Bankruptcy Code (IBC). The company noted that a similar application was filed by another lender IFCI in November 2017, which is pending for admission for the last 10 months. The company owes over Rs 9,000 to over two dozen banks, mostly state-run, led by the troubled IDBI Bank.




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