Earlier, in an official statement, Reliance Naval stated: "As legally advised, there are no merits in the application filed by IFCI before NCLT, Ahmedabad, as its an unsecured creditor. The action of IFCI is unwarranted and premature. The 25 secured lenders of the Company have also requested IFCI that the matter be resolved outside NCLT. The company will take all necessary steps to safeguard the interest of all the stakeholders."