NCLAT stays Reliance Infra insolvency proceedings
NCLAT
), Friday, stayed the initiation of the
corporate insolvency resolution process
(
CIRP
) against
Reliance Infrastructure
as it was informed that the company had settled the due amount.
NCLAT also stayed the National Company Law Tribunal (
NCLT
) order, which admitted Reliance Infra into insolvency over unpaid debt of around ₹90 crore.
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NCLT, in May, concluded that Reliance Infra was in default of payment of ₹90 crore to
Dhursar Solar Power Private Limited
(DSPPL) as part of an
Energy Purchase Agreement
(EPA) under which DSPPL supplied solar power.
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NCLT had appointed
Tehseen Fatima Khatri
as an insolvency resolution professional.
However, NCLAT, last month, suspended the NCLT order after observing that the debt amount, including interest, was paid by Reliance Infrastructure.
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Reliance infra also informed the stock exchange about the stay of CIRP and NCLT order in a filing, which stated "(NCLAT), today in furtherance of the order dated June 4, 2025 wherein the order dated May 30, 2025 was suspended, has been pleased to stay the order dated May 30, 2025 and the Corporate Insolvency Resolution Process against the Company." The case will be heard next on August 27.
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