Lenders awaiting SC order to resolve Rs 10,600-crore Reliance Naval debt

Reliance Naval is the second company in the Anil Ambani group after Reliance Communications that is facing NCLT proceedings

Indian lenders, who have Rs 10,600 crore exposure to Reliance Naval & Engineering, are pinning their hopes on the Supreme Court on a bunch of petitions filed against the Reserve Bank of India’s February 12 circular. The circular had banned debt resolution and has impacted Reliance Naval’s debt resolution, say bankers.

Reliance Naval is the second company in the Anil Ambani group after Reliance Communications that is facing the National Company Law Tribunal (NCLT) proceedings. In September, IDBI Bank had moved NCLT Ahmedabad against it. The case has not been heard by the NCLT till date.

Lenders said the Shipyard Association of