Corporate News     10-Oct-23
Swan Energy update on acquisition of Reliance Naval and Engineering through NCLT
Swan Energy (SEL) is a strategic partner of Resolution Applicant, i.e., Hazel Mercantile (HML), through a Special Purpose Vehicle (SPV), namely Hazel Infra Limited (HIL), to acquire Reliance Naval and Engineering(RNEL).

As per NCLT order dated 05 October 2023 in Interlocutory Application (I. A.) 1006 of 2023 for further extension of time, Rs. 50 crore payment towards Upfront payment was being released on 9 October 2023 as agreed and consented to by the secured financial creditors.

The next date of hearing in an Interim Application (I. A.) 1006 of 2003 is 22 November 2023.

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