Swan Energy has received the formal handover of management control of Reliance Naval and Engineering from the National Company Law Tribunal-appointed Monitoring Committee.
The Monitoring Committee has handed over the management control with the approval of all the Committee of Creditors members and the committee now stands dissolved with effect from Thursday.
Swan Energy has set up the board with its managing Director Nikhil Merchant, Executive Director Paresh Merchant and Bhavik Merchant and Vivek Merchant, among others, as members. SEL will finalise plans to put in place a top management structure to oversee operations.
The board has recently approved the proposal to raise up to ₹4,000 crore. It has also made a prepayment of ₹300 crore, debt for its Floating Storage and Regasification Unit project.
The NCLT approved a ₹2,100-crore bid for RNEL under the corporate insolvency resolution process made by Hazel Infra, which is an SPV of an Energy (74 per cent) and Hazel Mercantile (26 per cent).