July 6, 2022

Pipavav Shipyard, the biggest drydock in India owned by means of R-Naval, is lately present process NCLT pushed debt solution procedure.

Swan Power, in consortium with Hazel Mercantile Restricted, is likely one of the two Answer Candidates shortlisted by means of the Answer Skilled of R-Naval. Swan Power, owned by means of Mumbai-based businessman, Nikhil Service provider owns a 76 % stake within the particular goal car (SPV) that has bid for the shipyard.

The opposite solution applicant is the Navin Jindal-led JSPL.

In step with banking assets, the consortium of Swan Power and Hazel Mercantile is ineligible beneath segment 29A of the IBC.

The Swan Power-Hazel Mercantile consortium filed its solution proposal in September 2021, with out disclosing that Nikhil Service provider, Managing Director of Swan Power, has been a Director in Navi Mumbai Good Town Infrastructure Restricted, from 2015 until December 2021.

Navi Mumbai Good Town Infrastructure Restricted, an organization promoted by means of Nikhil Gandhi and Bhavesh Gandhi, is a non-performing, wilful defaulter beneath the RBI Tips. Due to this fact, Nikhil Service provider is ineligible to take part within the solution technique of R-Naval beneath segment 29A of IBC.

In response to the evaluate of the newest to be had audited monetary statements to be had at the ROC and MCA data, it’s obtrusive that Navi Mumbai Good Town Infrastructure Restricted has defaulted in its loans and the similar has already been categorised as NPA by means of the banks.

Plainly, Swan Power and Navi Mumbai Good Town Infrastructure have been beneath not unusual directorship and keep watch over right through the solution duration. When questions have been raised on Nikhil Product owner’s eligibility beneath Phase 29A, he resigned from the Board of Navi Mumbai Good Town Infrastructure Restricted retroactively.

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Unusually, Answer Skilled (RP) of R-Naval, Sudip Bhattacharya, who used to be conscious about those information, performed a number of conferences of the Committee of Collectors (COC) right through September to December 2021, however he did out deliver out the truth that Service provider used to be at the Board of a wilful defaulter corporate, promoted by means of Nikhil Gandhi.

By the way, Pipavav Shipyard could also be promoted by means of Nikhil Gandhi.

In step with assets, Nikhil Service provider isn’t the one spouse of the consortium, who’s segment 29A non-compliant.

Minesh Shah, a Director at the Board of Hazel Mercantile – the minority spouse within the consortium, has additionally persisted at the board of quite a lot of corporations of HDIL Restricted, any other wilful defaulter and with fraud red-flag, whose promoters have already been jailed. Due to this fact, even Hazel is ineligible to take part within the solution procedure beneath segment 29A of IBC.

By the way, appearing in tandem with the modus operandi followed by means of Nikhil Service provider to renounce retroactively from the Board of defaulter corporate, Minesh Shah additionally resigned retroactively on December 8, 2021 from the board of defaulter corporations

Thus, the consortium of Swan Power-Hazel Mercantile is ineligible beneath Phase 29A of IBC, because of being an entity attached to defaulter corporations specifically, Navi Mumbai Good Town Infrastructure Restricted and HDIL.

(With IANS inputs)

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Revealed on: Tuesday, March 15, 2022, 09:53 PM IST

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