NCLT directs Swan Energy to make upfront payment of Rs 250 crore
The National Company Law Tribunal’s Ahmedabad bench has directed Swan Energy, the successful resolution applicant for Reliance Naval and Engineering (RNEL), to make an upfront payment of about Rs 250 crore. This came after the company sought another extension to make the payment, as the present deadline, which was postponed twice, ended on September 14.
The tribunal, which heard Swan Energy’s plea on October 5, directed the company to make the payment as proposed in the resolution plan before the next hearing, scheduled for November 22.
