Intelligence note
Admitted 15 Jan 2020 by the Ahmedabad bench on a petition by IDBI Bank Ltd. (a financial creditor). Default per the admission order: ₹1,159.43 Cr. Plan from Hazel Mercantile Limited approved 23 Dec 2022, 1,073 days after admission (resolved-case median: 630 days). Creditors realise 15.86% of ₹12,883.81 Cr admitted; haircut 84.1% (median 78.0% across resolutions). That is 151.3% of liquidation value (₹1,350.82 Cr), better than a break-up sale.
Formerly Pipavav, renamed Reliance Naval and Engineering from 06 Sep 2017. The takeover vehicle is Hazel Infra, owned 74:26 by Swan Energy and Hazel Mercantile. When payments fell behind schedule, the NCLT directed the buyer on 05 Oct 2023 to pay as the plan required.
Formerly Pipavav, renamed Reliance Naval and Engineering from 06 Sep 2017. The takeover vehicle is Hazel Infra, owned 74:26 by Swan Energy and Hazel Mercantile. When payments fell behind schedule, the NCLT directed the buyer on 05 Oct 2023 to pay as the plan required.
Claims at a glance
FC 97%
OC 3%
Total admitted ₹12,883.81 Cr · as on 24 Mar 2022
Case details
CIN
L35110GJ1997PLC033193
Incorporated
1997
Registered State
Gujarat
NCLT Bench
Ahmedabad
Petition
CP (IB) 418/AHM/2018
Initiated by
FC — IDBI Bank Ltd.
Amount in Default (per admission order)
₹1,159.43 Cr · 9.0% of admitted claims
Commencement
15 Jan 2020
Outcome Date
23 Dec 2022
Admitted Claims
₹12,883.81 Cr
Liquidation Value
₹1,350.82 Cr
Fair Value
₹1,850.66 Cr
Realisable Amount
₹2,043.08 Cr
Recovery vs Claims
15.86%
Recovery vs LV
151.3%
NCLT Ahmedabad: median 465 days admission → verdict · 32% of concluded matters ended in plan approval (n=451, full record) · all benches →
Plan at a glance
The deal
₹2108.38 crores, including CIRP cost of ₹65.31 crores
Winning plan
Hazel Mercantile Limited, with 94.86% of the CoC vote
Also in the race: Jindal Steel and Power Limited (plan submitted), Global Marketing System DMCC (rejected by the CoC)
Also in the race: Jindal Steel and Power Limited (plan submitted), Global Marketing System DMCC (rejected by the CoC)
Funding
Sources of funds (in Crs.): Promoters Contribution 600; Loan 550; From the Operations of the company 1807.86; Total 2957.86 (clause 11.6 of the Resolution plan).
Shares
Existing shareholders receive one fresh ₹10 equity share for every 275 shares; Hazel Infra Limited subscribes to ₹5.00 Cr fresh ₹10 shares.
Payout period
CIRP costs and priority payments within 90 days from the date of approval of the plan by the Adjudicating Authority
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 12,512.84 | 2,040.00 | 16.3% |
| Operational and other creditors | 370.97 | 3.73 | 1.0% |
| All creditors | 12,883.81 | 2,043.73 | 15.9% |
All creditors together: about 16 paise for every ₹1 of admitted claims.
Recent movement
23 Dec 2022
Resolution plan approved
Acquired by Hazel Mercantile Limited
Haircut 84.14%
Haircut 84.14%
5 Oct 2023
Buyer told to pay as the plan requires before more time is considered
NCLT order read the order ↗
Valuations & recovery
Fair value
₹1,850.66 Cr
Liquidation value
₹1,350.82 Cr
Recovery vs fair value
110.40%
Recovery vs liquidation value
151.3%
The plan
Successful applicant
Hazel Mercantile Limited
CoC approval
94.86% voting share · voted 23 Feb 2022
EoI / Form-G detail
Plan submission by
15 Mar 2021
Evaluation matrix issued
1 Mar 2021
Dates as captured from IBBI on 30 Aug 2026
Case timeline
◆ RP changed during process15 Jan 2020
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
6 further events in between
23 Dec 2022
Resolution plan approved
Acquired by Hazel Mercantile Limited
Haircut 84.14%
Haircut 84.14%
5 Oct 2023
Buyer told to pay as the plan requires before more time is considered
NCLT order read the order ↗
2 years 11 months elapsed · admission → resolution
Company
Legal name
SWAN DEFENCE AND HEAVY INDUSTRIES LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
17 Oct 1997
Authorised capital
₹15,000.00 Cr
Paid-up capital
₹52.68 Cr
Industry (MCA)
Manufacturing (Machinery and Equipments)
ROC
ROC Ahmedabad
Company status
Active
Registered address
Pipavav Shipyard Limited Pipavav Port, Post Ucchaya, Via Rajula, Rajual, Gujarat, 365560, India
Claims filing history
Operational creditors ↓
2 ↓
3 ↓
Other stakeholders ↓
Secured financial creditors ↓
Unsecured financial creditors ↓
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Operational creditors | ₹2,636.58 Cr | ₹370.97 Cr | 14% |
| Other stakeholders | ₹27.00 Cr | ₹27.00 Cr | 100% |
| Total of listed classes | ₹2,663.57 Cr | ₹397.97 Cr | 15% |
Of ₹2,663.57 Cr claimed across these classes, ₹397.97 Cr stands admitted — 15 paise per ₹1 claimed made it past verification.
v1 · latest
as on 24 Mar 2022 · filed by Sudip Bhattacharya
Claims profile
Admitted claims by creditor class
FC 97%
OC 3%
CLASS
ADMITTED
Financial creditors
₹12,512.84 Cr
Operational creditors
₹370.97 Cr
Total
₹12,883.81 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Machinery & Equipment
Haircut84.1%
typical for this sector 79.4%
Recovery vs liquidation value151.3%
typical for this sector 113.3%
68% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution1,073 days
typical for this sector 659 days
Size rank in sector#1 of 39
Key parties
Resolution Professional
5 IBBI mandates · 1 of 1 resolved plan beat the liquidation floor
IRP at commencement · replaced
Rajeev Bal Sawangikar → · Jan 2020
Per IBBI's register of insolvency professionals, read 5 Oct 2026
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
IDBI Bank Ltd. FC
Resolution applicant
Hazel Mercantile Limited
Get full access
Weekly intelligence digest, RP tracker, live case movement and sector analysis for ARCs, PE funds and resolution professionals.
Apply for access →That was the whole dossier — nothing held back, because this is one of our landmark cases.
Or buy any single company outright for ₹1,799 — yours permanently, and credited in full against your first month if you subscribe within 30 days.