Hazel Mercantile consortium gets NCLT nod for resolution of Anil Ambani's Reliance Naval

Hazel Mercantile consortium gets NCLT nod for resolution of Anil Ambani's Reliance Naval

This is a significant milestone in the 26-month-long resolution saga of Reliance Naval.

FPJ Web DeskUpdated: Friday, December 23, 2022, 09:03 PM IST
article-image
Anil Ambani | File Photo

Bogged down by a Rs 9,000 crore debt, Reliance Naval also crashed into bankruptcy like most of Anil Ambani's firms. Now the Ahmedabad special bench of the National Company Law Tribunal (NCLT) has approced Hazel Mercantile consortium's resolution plan for the firm. In doing so, it rejected appeals challenging the bid, filed by Jindal Steel and Power and Reliance Infrastructure.

Led by Swan Energy, the consortuium had become the winning bidder for Reliance Naval shipyard. Now it has taken another step towards the resolution of the bankrupt Reliance Naval and Engineering, which was previously known as Pipavav Shipyard.

Almost 95 per cent of lenders of Reliance Naval voted in favour of Hazel Mercantile consortium's resolution plan. This is a significant milestone in the stretched resolution saga of Reliance Naval, going on since 26 months ago for Rs 12,429 crore owed to creditors that include the State Bank of India and the Union Bank of India.

Reliance Infra had also launched a two-pronged bid to retake control of India's largest private defence shipyard.

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...

A Big Relief For Byju's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29 Amid...