Summary:
Advocate Vishal Dave appearing for Markss Infotech told DNA that the shipbuilder has failed to clear the dues on time despite notices. In what could add to the troubles of Anil Ambani-owned shipbuilder Reliance Naval and Engineering Limited, RFID solutions provider—Markss Infotech— has moved the National Company Law Tribunal (NCLT) with an insolvency petition against the company. Therefore, an application to initiate a corporate insolvency resolution process under Section 9 of the Insolvency and Bankruptcy Code has been moved before NCLT, he added. As per the petition, Markss Infotech had completed the work assigned to it by the shipbuilder and raised nine invoices for the work executed amounting to Rs 59.55 lakh. The corporate debtor has been facing financial troubles due to a downtrend in the commercial shipbuilding sector, cancellation of contracts, and cost overrun of projects under construction..