Reliance Innoventures, a company owned by Anil Ambani, has been admitted for insolvency proceedings by the national company law tribunal (NCLT) after JC Flowers Asset Reconstruction Company, which took over Yes Bank's bad loan portfolio worth ₹ 48,000 crore in December, claimed that Reliance Innoventures had defaulted on its debts. JC Flowers claimed that Reliance Innoventures defaulted on interest payments worth ₹ 100 crore, however, Reliance Innoventures countered JC Flowers's assertions at NCLT claiming there was no default.
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