NCLT directs Swan Energy to make upfront payment for Reliance Naval
The Ahmedabad bench of NCLT has asked Swan Energy, the firm that had won the bid to buy Reliance Naval and Engineering Ltd in an insolvency proceeding, to make the upfront payment it had proposed in the resolution plan, sources said.
Swan Energy is yet to make the upfront payment of around Rs 250 crore as proposed in the resolution plan, even as the second extended deadline ended on September 14.
The company has once again approached the NCLT seeking an unprecedented third extension of two months.
