The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Reliance Media Works Limited.
The petition was filed by Netizen Engineering Private Limited (formerly Reliance Infocomm Engineering Private Limited) on November 20, 2024, under Section 7 of the Insolvency and Bankruptcy Code, 2016, citing a default amount of Rs 6 crore. The stated date of default was July 1, 2024.
According to the petitioner, a loan of up to Rs 150 crore was extended to Reliance Media Works Limited through an agreement dated May 23, 2011. The loan was to be repaid within two years with an interest rate of 10.50% per annum. Disbursements were made in two…
