Mumbai: The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Swan Energy, the successful resolution applicant of debt-laden Reliance Naval and Engineering, to pay 250 crore upfront before seeking any further extension to complete the corporate insolvency resolution process.
A bench led by Justice Chitra Hankare held that From the application, it appears that the applicant is ready to pay the amount in compliance of earlier order. Reliance Naval has submitted that the said amount is also not paid, and the amount is not given as per schedule. Before considering the application for an extension of time, Swan is directed to comply with the amount proposed in the resolution plan”.
On 1 August, the tribunal granted…
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