A joint bid by the Hazel Mercantile-Swan Energy combine for the Anil Ambani-promoted Reliance Naval & Engineering secured in its favour votes from about 95% of the lenders by value in a bankruptcy resolution process, two people aware of the matter told ET. Naveen Jindal-promoted Jindal Steel and Power (JSPL) was also in the fray for the debt-laden shipbuilding company.
Voting on the resolution plans for the shipbuilding company closed Thursday evening.
Hazel Mercantile-Swan Energy received the highest percentage of votes even as Reliance Infrastructure (RInfra), another Anil Ambani company, last Friday made an attempt to regain control of Reliance Naval by submitting a resolution plan that was reportedly better than those offered by the two other bidders.
The offer by RInfra was made when lenders had begun voting for the bankrupt company. This prompted the resolution professional (RP), Sudip Bhattacharya, to extend the voting deadline to March 17 from March 15.
The RP will need to submit the Hazel Mercantile-Swan Energy plan before NCLT for its approval. He did not respond to ET’s queries.
Last Friday, RInfra offered staggered payments under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), which gives tribunals the power to permit withdrawal of an application from insolvency proceedings, subject to agreement from 90% of the lenders by value of outstanding debt.
Although Hazel Mercantile’s offer has received the required number of votes, Bhattacharya and the lenders have received several letters questioning the eligibility of the joint plan by Hazel Mercantile and Swan Energy under Section 29(A) of the IBC. It prohibits defaulting promoters or their related parties from submitting a resolution plan for a company under insolvency proceedings.
