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Home/ Cases/ Machinery & Equipment/ Reliance Naval and Engineering Limited
✓ RESOLVED — PLAN APPROVED ● STILL OPERATING · MCA ACTIVE

Reliance Naval and Engineering Limited

Now operates as SWAN DEFENCE AND HEAVY INDUSTRIES LIMITED · MCA registry, as of Jun 2026

Corporate insolvency resolution — resolution plan approved · Dec 2022 · IBBI Oct-Dec 2022

Machinery & equipment manufacturer · listed public limited company · incorporated 1997 · 22 years old at admission

Sector Machinery & Equipment Bench NCLT Ahmedabad CIN L35110GJ1997PLC033193 Admitted 15 Jan 2020 Initiated by FC — IDBI Bank Ltd. Last process activity 24 Mar 2022 · claims re-verified
Where the money went · admission → plan approval
Admitted claims₹12,884 Cr
Fair value₹1,851 Cr
Liquidation value₹1,351 Cr
Realised for creditors₹2,043 Cr
Haircut to creditors: 84.14% Recovery vs liquidation value: 151.3% — plan beat the liquidation floor In plain terms: creditors recovered about 16 paise per ₹1 of admitted claims
Admitted Claims
₹12,883.81Cr
#1 of 37 in sector by size
Realised
₹2,043.08Cr
to claimants
Haircut
84.14%
sector typical 77.0%
Rec vs LV
151.3%
sector typical 113.3%
CIRP Duration
2y 11mo
sector typical 1y 9mo
Beat liquidation?
Yes
70% of sector did

Intelligence note

IBBI Vol 25 T2 Part B (current): RP 2022-12-23; admitted 12883.81cr, 15.86% to claimants. WHALE.
◆ Flagged as the dominant case of the quarter — 42.80% of resolved claims.

Claims at a glance

full split →
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
Initiated by
FC — IDBI Bank Ltd.
Defunct / BIFR
0
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 474 days admission → verdict · 32% of concluded matters ended in plan approval (n=433, full record) · all benches →

Recent movement

full timeline →
23 Dec 2022
Resolution plan approved
Haircut 84.14%
17 May 2023
NCLT order
IA NO 646 NCLT AHM 2022 IN CP IB NO 418 NCLT AHM 2018 read the order ↗
06 Jun 2023
NCLT order
14 Jul 2023
Withdrawn
NCLAT appeal read the order ↗
05 Oct 2023
NCLT order

Valuations & recovery

Reg 35 valuations vs outcome
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

from the NCLT plan-approval order
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.

EoI / Form-G detail

published 24 Feb 2021
Plan submission by
15 Mar 2021
⚠ IBBI rp-process tab, scraped 28/30-Aug-2026.
Form-G rounds — plans invited 5 times since Jul 2020
Each row is one complete invitation round from IBBI's register. Repeated rounds are the process telling you how the market answered.
RoundForm G EoI last dateFinal PRA list Plans due
5 · latest24 Feb 202115 Mar 2021PDF
431 Aug 202030 Sep 2020PDF
316 Aug 202015 Sep 2020PDF
Show all 5 rounds
206 Aug 202005 Sep 2020PDF
107 Jul 202006 Aug 2020PDF

Case timeline

19 Feb 2018
NCLT order
C P I B NO 172 7 NCLT AHM 2017 read the order ↗
13 Jun 2019
Dismissed
NCLT order · C P IB NO 160 9 NCLT AHM 2018 read the order ↗
15 Jan 2020
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
17 Jan 2020
IRP
05 Jul 2021
Dismissed
NCLAT appeal · CA AT INS NO 468 OF 2021 read the order ↗
21 Sep 2021
NCLAT appeal
16 Aug 2022
NCLAT appeal
07 Dec 2022
NCLT order
IA NO 292 AHM 2022 IN CP IB 418 AHM 2018 read the order ↗
23 Dec 2022
Resolution plan approved
Haircut 84.14%
17 May 2023
NCLT order
IA NO 646 NCLT AHM 2022 IN CP IB NO 418 NCLT AHM 2018 read the order ↗
06 Jun 2023
NCLT order
14 Jul 2023
Withdrawn
NCLAT appeal read the order ↗
05 Oct 2023
NCLT order
2 years 11 months elapsed · admission → resolution

Company

MCA master · as on 12 Jun 2026
Legal name
SWAN DEFENCE AND HEAVY INDUSTRIES LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
17 Oct 1997
Authorised capital
₹15,000 Cr
Paid-up capital
₹52.68 Cr
Industry (MCA)
Manufacturing (Machinery and Equipments)
ROC
ROC Ahmedabad
Company status
Active — company survived resolution
Registered address
Pipavav Shipyard Limited Pipavav Port, Post Ucchaya, Via Rajula,Rajual,Gujarat,365560-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.

Claims filing history

1 version filed with IBBI · latest as on 24 Mar 2022
Creditor classes with claims on file (latest version) — a chip with ↓ opens the filed creditor list, with per-creditor claimed and admitted amounts
Amounts from the filed lists’ own totals rows (latest version, as on 24 Mar 2022) — classes whose list prints a total
Creditor class Claimed Admitted Admitted %
Other stakeholders ₹27.0 Cr ₹27.0 Cr 100%
Government dues ₹14.4 Cr ₹14.4 Cr 100%
Employees ₹9.5 Cr ₹9.5 Cr 100%
Total of listed classes ₹50.9 Cr ₹50.9 Cr 100%
Of ₹50.9 Cr claimed across these classes, ₹50.9 Cr stands admitted — 100 paise per ₹1 claimed made it past verification.
v1 · latest
as on 24 Mar 2022 · filed by Mr. Sudip Bhattacharya

IBBI claims register, filed by the professional under the CIRP/liquidation regulations · a re-filed version means claims were re-verified · amounts, where shown, are the filed lists’ own printed totals, verbatim (rupees) — classes without a printed totals row carry no figure here.

Claims profile

creditor-class split · as on 24 Mar 2022
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
admitted total/FC/OC from IBBI outcome file (crores); claimed & 9-category pending /claims scrape
Source: IBBI outcome data / Reg 31(5)(d) claims list · crores as filed · admitted "pending" = under collation or verification, not zero.

Committee of creditors

CoC composition not yet recorded for this case. Sourced from NCLT filings — added over time.
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
Report an error →
This case vs Machinery & Equipment
Haircut84.1%
typical for this sector 77.0% · median of 37
Recovery vs liquidation value151.3%
typical for this sector 113.3% · median of 37
70% 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 · median of 37
Size rank in sector#1 of 37
Medians across every recorded Machinery & Equipment resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,549). How these are computed →
Key parties
Resolution Professional
2 IBBI mandates · 151.2% of liquidation value realised across concluded work
IRP at commencement
Rajeev Bal Sawangikar· Jan 2020
CIRP initiated by
IDBI Bank Ltd. FC
Resolution applicant
Not yet recorded — from NCLT resolution-plan order.

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