The announcement at London’s High Court followed the completion of a share purchase agreement and the repayment in full of the debts owed to HM Revenue & Customs and other creditors.
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He also said that the defamation suits would not scare him from his path and his fight against corruption would continue. What compounded the crisis for Jaitley and his party was the attack by BJP lawmaker Kirti Azad on the issue.
With the court reconvening on Monday, Renault’s lawyers confirmed the takeover had been completed, telling a judge: “We have the keys, so to speak”.
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Following months of protracted negotiations, Renault has formally signed off on a deal that will see it return to F1 as a fully-fledged constructor entry in 2016, five years after it scaled back its involvement to focus on supplying engines.
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In the same year, the team was sold to Genii Capital, which renamed it Team Lotus.
But, now that it’s back as a full-fledged team, Renault will be returning to a vastly different Formula One climate, one that has been dominated by Mercedes in the past two seasons.
The route to a takeover surfaced in September when Renault signed a letter of intent to purchase the team it previously owned 2002 and 2009.
The team have revealed they are working hard to be ready for the first pre-season test at the Circuit de Catalunya at the end of February, with Pastor Maldonado and Jolyon Palmer already announced to race for the outfit next season.
The new team name and management will be announced in February.
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And Lotus have now confirmed that all contractual obligations have been completed, with Jerome Stoll named as chairman and Cyril Abiteboul as managing director.
