Lenders of Reliance Naval & Engineering Ltd (RNEL) have begun voting in the resolution plans of Hazel Mercantile and a Naveen Jindal group company after the Gujarat tribunal vacated a stay that restrained lenders from voting, said two people aware of the matter.
The Gujarat National Company Law Tribunal also disqualified Citi Securities and Financial Services from being part of the committee of creditors (CoC) according to an order dated February 22.
Citi Securities had appealed to the tribunal against the resolution professional for not admitting its ₹2,538 crore claim filed against the bankrupt shipbuilding company promoted by the Anil Dhirubhai Ambani Group company.
Sudip Bhattacharya, backed by Duff and Phelps, had stated that the claim from Citi Securities emanates from ₹2,538 crore loan that Reliance Infra, an ADAG group company, had assigned to the finance company in March 2019 soon after IDBI Bank referred RNEL to the bankruptcy court but before it was admitted by the tribunal.
Hazel Mercantile, a part of Groupe Veritas, is offering ₹2,050 crore to lenders of which ₹1,640 crore will be paid over the next five years while the remaining will be paid post recoveries of some dues, said one of the persons cited above. Naveen Jindal group company has offered ₹2210 crore, of which ₹850 crore will be paid over next five years and the balance is conditional to certain recoveries, the same person said.
Voting for the plans will end by mid of March.
The Gujarat National Company Law Tribunal also disqualified Citi Securities and Financial Services from being part of the committee of creditors (CoC) according to an order dated February 22.
Citi Securities had appealed to the tribunal against the resolution professional for not admitting its ₹2,538 crore claim filed against the bankrupt shipbuilding company promoted by the Anil Dhirubhai Ambani Group company.
Sudip Bhattacharya, backed by Duff and Phelps, had stated that the claim from Citi Securities emanates from ₹2,538 crore loan that Reliance Infra, an ADAG group company, had assigned to the finance company in March 2019 soon after IDBI Bank referred RNEL to the bankruptcy court but before it was admitted by the tribunal.
Hazel Mercantile, a part of Groupe Veritas, is offering ₹2,050 crore to lenders of which ₹1,640 crore will be paid over the next five years while the remaining will be paid post recoveries of some dues, said one of the persons cited above. Naveen Jindal group company has offered ₹2210 crore, of which ₹850 crore will be paid over next five years and the balance is conditional to certain recoveries, the same person said.
Voting for the plans will end by mid of March.
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