Swan Energy, the successful resolution applicant for Reliance Naval and Engineering (RNEL), has received a one-year extension to make the second tranche payment of Rs 312 crore.
This follows a recent National Company Law Tribunal (NCLT) order, which approved the extension. Swan has to now pay the amount by December 23, 2024, along with interest, the company said in a statement.
On October 27, Swan through its SPV – Hazel Infra – had paid Rs 231.42 crore towards the upfront payment obligations. The payment was the prelude to the final closure of proceedings pending before the NCLT’s Ahmedabad bench.
Swan Energy holds a 74% stake in the SPV, and the remaining 26% is held by Hazel Mercantile.
Earlier this month, Swan constituted a board for RNEL with the former’s managing director Nikhil Merchant, executive director Paresh Merchant and others as members. This came after the company received an NCLT-appointed monitoring committee’s approval to reconstitute RNEL’s board, paving way for its formal takeover.
In 2022, Swan Energy, in partnership with Hazel Mercantile, had emerged as the winner to acquire debt-laden RNEL with 95% of the committee of creditors (CoC) approving its resolution plan.
SKIL Infrastructure, promoted by industrialist Nikhil Gandhi, was the original promoter of Pipavav Defence and Offshore Engineering, which was sold to the Reliance ADA Group in 2015 and then renamed as RNEL. Mumbai-headquartered Swan group is into textile, real estate and oil & gas.
