Reliance Naval

Lenders worried over their Rs 14,000-cr exposure in shipyard

Hazel has made an offer of Rs 2,500 crore for the company after lenders asked it to sweeten its earlier offer

The lenders are planning to close the deal within the next two weeks by voting on both revised proposals

Hazel Mercantile offered about Rs 2,100 crore - pipping Naveen Jindal group and GMS of Dubai by a huge margin

Lenders, staring at huge haircut, seek legal opinion

CoC to take a call on Wednesday

Bid submission date extended for fifth time as NCLT grants five more months to lenders to complete resolution process

A successful sale of Reliance Naval will help creditors, including IDBI Bank and SBI recoup part of the company's Rs 10,800 crore of debt.

US based firm has $28 mn market cap, has already bid for several bankrupt firms in India such as Lavasa Corp, Asian Colour Coated Steel and Reliance Naval

Mumbai-based Mazagon Dock Ltd (MDL) is also keen to gain access to Pipavav Shipyard, though it is not participating in the IBC process

The Indian Navy has cancelled Reliance Naval and Engineering Ltd's (RNEL) Rs 2,500-crore naval offshore patrol vessels (NPOVs) contract, owing to delay in delivery of the vessels

The US-based fund, Interups, has submitted the EoI, apart from Arcil, APM of Denmark, United Shipbuilding Corp of Russia, and Next Orbit Ventures

The disclosures were made after a November 2019 Securities and Exchange Board of India's directive asking companies to disclose defaults of 30 days and above

From sales of medium and heavy commercial vehicles falling by over half in Aug to the GST Council considering a breather for hybrid vehicles in its upcoming meeting, here is today's top business news

The risk of bankruptcy reemerged for the submarine maker after it failed to come up with a repayment plan even under the RBI's relaxed norms

Consolidated income declined to Rs 26.85 crore in the quarter under review, from Rs 37.31 crore in the year-ago period

Its total expenses rose to Rs 54.97 crore, against Rs 43.95 crore a year ago

Lanba confirmed that IDBI Bank has taken RNaval to the NCLT, seeking debt resolution

IDBI Bank has moved NCLT against Reliance Naval and Engineering Ltd to recover its dues from the company. The company has been informed that IDBI Bank Ltd, 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), Reliance Naval and Engineering said in a regulatory filing Thursday. Besides, long-term infrastructure lender IFCI had also filed a similar application in November 2017, which is pending since last 10 months for admission, it said. The Anil Ambani promoted Reliance Naval and Engineering Ltd (RNAVAL) is the first private sector company in India to obtain the licence and contract to build warships. The company had said its net loss widened to Rs 347.21 crore in the quarter ended June 30, from Rs 230.42 crore in the year-ago period. The company, which was earlier known as Pipavav Defence & Offshore Engineering, was bought over by Anil Ambani group in .

The Anil Ambani-led group company said there are 13 programmes worth Rs 500 billion from the Indian Navy and Indian Coast Guard that have remained at the Request for Information stage for a long