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Swan pays ₹231 cr for Reliance Naval
Mint Mumbai
|October 28, 2023
Swan Energy Ltd, the successful resolution applicant through its SPV Hazel Infra has paid ₹231.42 crore towards the upfront payment for cash-strapped Reliance Naval & Engineering.
The Ahmedabad National Company Law Tribunal in its order on 8 October, directed Swan to make an upfront payment of ₹ 250 crore before seeking any more extension completing the for corporate insolvency resolution process.
In essence, the secured financial creditors approved Swan Energy's request for an extension till 15 November to make the remaining advance payment of ₹231.42 crore.
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