The Hindenburg report has not only affected the Gautam Adani group but also Anil Ambani’s company Reliance Naval and Engineering. Actually, the consortium of Swan Energy and Hazel Mercantile had made a successful bid to acquire Reliance Naval & Engineering in an insolvency process, but now the consortium has sought four months to make the payment. The Swan-Hedge alliance has requested the bankruptcy court to give four months to the lenders to pay the first installment of the bid price.
why the hell: The extension has been sought by the Swan-Hedge alliance on the grounds that the allegation by US short-seller Hindenburg Research against the Adani group has created turmoil in the financial markets. As per the bid, the Swan-Hedgehog alliance has to pay Rs 200 crore as the first instalment. Apart from this, the expenses incurred in the insolvency process have to be paid separately. The total amount is a little less than Rs 300 crore.
On this request, the NCLT directed the alliance to deposit at least Rs 10 crore and posted the matter for further hearing on April 17. The tribunal had in December last year approved a consortium resolution or takeover plan for Anil Ambani group company Reliance Naval & Engineering.
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