The Hon’ble National Company Law Tribunal Ahmedabad Bench (NCLT) pronounced an order on 23rd December 2022, approving the resolution plan submitted by Hazel Mercantile Limited, along with its strategic partner, “Swan Energy Limited”, in relation to the corporate insolvency resolution process of ‘Reliance Naval and Engineering Limited’ (the Company) under Section 31 of the Insolvency and Bankruptcy Code, 2016.
All actions related to the acquisition of the Company are underway and will be completed in accordance with the approved Resolution Plan. Further, the new Board of Directors of the Company was constituted on 8th December 2023, and the new Management took over the affairs of the Company on 4th January 2024.
We are in the process of changing the name of the Company from Reliance Naval and Engineering Limited to ‘Swan Defence and Heavy Industries Limited’, subject to all statutory approvals.