MUMBAI: Lenders led by IDBINSE -1.26 % Bank have turned down a resolution plan proposed by Reliance Naval & Engineering, which has not been servicing its more than Rs 9,000 crore of debt for several months now.

The lenders will now initiate bankruptcy proceedings against the company of the Anil Ambani-led RelianceNSE -0.33 % Group, said a bank executive involved in the matter. Lenders rejected the proposal for want of viability. With no proposal for an upfront equity investment or .. ..............................................ET