Swan Energy, the successful resolution applicant for Reliance Naval and Engineering (R-Naval), has approached the bankruptcy tribunal and lenders seeking more time to pay the first installment of about ₹300 crore due by March 23.
The firm also has approached the National Company Law Tribunal’s (NCLT) Ahmedabad bench seeking a four months’ extension for upfront payment.
The firm had informed the lenders, mostly public sector banks, including the State Bank of India
On Tuesday, the lenders also approved providing an extension for the payment.
The bankruptcy tribunal, which heard the plea on Wednesday, directed Swan Energy to deposit ₹10 crore immediately, even as it posted the matter for a hearing again on April 17. The tribunal also asked the respondent – monitoring committee set up to oversee the revival process – to file its reply on Swan Energy’s plea in two weeks.
The five-member monitoring committee of R-Naval comprises two representatives from Swan Energy and Hazel Mercantile, two from the lenders and resolution professional Sudip Bhattacharya.
In December last year, the tribunal had approved a resolution plan by the Swan Energy-Hazel Mercantile team consortium for R-Naval, a former Anil Ambani group company. Under the resolution plan, the consortium had offered ₹2,040 crore, with a net present value of ₹1,218 crore. Of the total, ₹1,640 crore – of which ₹300 crore was to be paid upfront within 90 days, which ends on March 23 – was a staggered payment over five years and remaining from the recovery of certain pending dues.
Swan Energy’s resolution plan was approved by lenders of R-Naval, formerly known as Pipavav Ship Dismantling and Engineering Ltd, with 95% majority in March 2022. Swan Energy and Hazel Mercantile had set up a special purpose vehicle – Hazel Infra – for the acquisition of R-Naval in which RNEL held a 74% stake and while the balance was owned by Hazel Mercantile.
Naveen Jindal-promoted Jindal Steel and Power, Reliance Infrastructure (another Anil Ambani group company) and several other firms were also part of the resolution plan.