GRC (SGX:S3N) and its subsidiary OKH Holdings were served with a court application by the liquidators of Jadewin Smooth in connection with a loan agreement, according to a Monday filing with the Singapore Exchange.

The issue stems from a loan of around SG$30 million that the company procured from Jadewin Smooth, with the latter claiming the amount with accrued interest.

However, the company, along with its subsidiary, maintains that it has fully discharged its obligations relating to Jadewin Smooth's indebtedness.

The loan amount was later assumed by Haiyi, with the company stating that it has fully repaid the loan and accrued interest and sees no basis for any repayment claims.