The consortium of Swan Energy and Hazel Mercantile is yet to make upfront payment of ₹263 crore for Reliance Naval. Though the company has time till July 23, lenders are concerned if the payments will come on time.
As per the approved resolution plan, Swan Energy had to make an upfront payment of ₹263 crore, within 90 days of the NCLT approving the resolution plan, and the balance is payable over the next 5 years. The upfront payment was due on March 23, 2023, but the company got the NCLT Ahmedabad to extend the deadline by four months.
With less than a month left for the extended deadline to end, the consortium of Swan Energy and Hazel is yet to make payment⁷
The consortium has so far deposited only ₹30 crore on the directions of the NCLT Ahmedabad.