Swan Energy and Hazel Mercantile, the successful resolution applicants for Reliance Naval and Engineering (R-Naval), has sought more time to pay the upfront money, after the extended July 23 deadline expired.
During the hearing before the bankruptcy court last week, the firm sought another two months’ extension for the payment of the dues. The lenders and the Committee of Creditors (CoC), on their part, were ready to provide another 30-45 days’ extension.
The National Company Law Tribunal’s (NCLT) Ahmedabad bench will continue to hear the case again on Monday.
The successful resolution applicants were to pay the first installment of about Rs 260 crore by July 23. This is the second deadline the applicants have breached, the earlier one in March 23.
In 2022, Hazel Mercantile, in partnership with Swan Energy, emerged the winner to acquire debt-laden R-Naval with 95% of the CoC approving its resolution plan. The lenders had also issued a letter of intent terming it the winning bidder.
In its resolution plan, Swan Energy had offered Rs 2,000 crore, of which Rs 260 crore would be paid upfront, and the rest over a five-year period.
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 R-Naval.