Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to…
Reliance Infrastructure Ltd announced on Friday that the appellate tribunal NCLAT has halted insolvency proceedings against the company after it repaid Rs 92.68 crore related to tariff obligations under an energy purchase agreement. What Was NCLT's Order Against Reliance Infra?
Reliance Infrastructure in its latest regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) has stayed an NCLT order over an appeal filed by it.
The Mumbai bench of the National Company Law Tribunal (NCLT) on May 30 this year directed initiation of the corporate insolvency resolution process and appointment of an interim resolution professional against Reliance Infrastructure.
The NCLT order came after IDBI Trusteeship in April 2022 had filed a petition alleging a default of Rs 88.68 crore plus interest as of August 28, 2018.
In a regulatory filing on June 2 this year, Reliance Infrastructure said the NCLT order has become infructuous 'upon full payment having already been made'.
On June 4, NCLAT had suspended the NCLT order while hearing the company's appeal which said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd (DSPPL).
'The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company,' Reliance Infra had said in its June 2 statement. What Were Allegations Against Reliance Infra?
IDBI Trusteeship in its petition had alleged payment defaults on 10 invoices raised between 2017 and 2018 by DSPPL for supplying solar energy to Reliance Infrastructure.
The payments were sought by IDBI Trusteeship, the security trustee of DSPPL.
(With Inputs From PTI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
42 minutes ago
- Hans India
TN: Udangudi thermal power plant to start power generation by next summer
Chennai: The Udangudi supercritical thermal power plant in Thoothukudi district of Tamil Nadu is expected to commence power generation by next summer, with work progressing rapidly on the first unit. The Rs 13,076 crore project, comprising two units of 660 MW each, is set to significantly bolster Tamil Nadu's electricity supply during peak demand periods. Tamil Nadu Generation and Distribution Corporation (Tangedco) Managing Director J. Radhakrishnan, in a statement, said that over 90 per cent of construction work on Unit 1 has been completed. While the initial plan was to commission the first unit by September, the MD hinted at a possible delay, stating that efforts are now focused on ensuring electricity generation begins by the end of the year. 'The work is progressing at full swing across all levels to ensure readiness before next summer,' said Radhakrishnan. 'Once Unit 1 becomes fully operational, Unit 2 will follow within the next four months.' He added that installation of key components such as boilers, turbines, water plant, power house, and conveyors has been completed. Work on the ash handling section and obtaining fire safety certification is currently being expedited. During test trials of Unit 1, nearly 10 technical issues were identified and subsequently resolved. Radhakrishnan also pointed out that one of the key reasons for the delay in completion was the shortage of skilled manpower. The Udangudi Thermal Power Project was originally announced in 2012 to address Tamil Nadu's growing power needs. However, delays in approvals and administrative processes meant that construction could only begin in 2017. The project is being developed on a 360-acre site near the coastal town of Udangudi and is designed as a supercritical thermal plant using imported coal, with an aim to increase efficiency and reduce emissions compared to conventional coal plants. Once operational, the plant is expected to add 1,320 MW of power to the state grid, providing much-needed support during high-demand seasons, particularly the summer months when electricity consumption soars due to air conditioning and irrigation requirements. Officials are optimistic that the project, once fully completed, will play a vital role in strengthening Tamil Nadu's power infrastructure and ensuring energy security for the coming decades.
&w=3840&q=100)
Business Standard
42 minutes ago
- Business Standard
Samsung gets 201K pre-orders for Fold 7, Flip 7 phones in 48 hours in India
Consumer electronics maker Samsung on Saturday said it has received 2.1 lakh pre-orders for the latest seventh generation of its foldable smartphone series within 48 hours of its launch in India. Samsung's seventh generation of foldable smartphone series was launched in India on Jul 9, 2025. Samsung, which last week launched Galaxy Z Fold7, Galaxy Z Flip7 and Galaxy Z Flip7 FE smartphones, said this huge number of pre-orders signals "huge consumer demand and excitement for the brand's seventh generation of foldable". It is "nearly equalling the pre-orders received for the Galaxy S25 series earlier this year", Samsung Electronics said in a statement. Samsung had received a record 4.3 lakh pre-orders for its smartphone Galaxy S25, in a nearly three-week period after the launch. For the first 48 hours, the number of pre-orders for S25 and Fold7/Flip7 is almost identical. The company priced these Made-in-India foldable smartphones between Rs 89,000 and Rs 2.11 lakh. Galaxy Z Fold7 starting from Rs 1.75 lakh and going up to Rs 2.11 lakh. Galaxy Z Flip7 is priced between Rs 1.10 lakh and Rs 1.22 lakh. Galaxy Z Flip7 FE price starts from Rs 89,000 and Rs 95,999. Samsung Southwest Asia President and CEO JB Park said: "The record pre-orders for our Made-in-India foldable smartphones reinforce our belief that young Indian consumers are quick to adopt the latest technology". Galaxy Z Fold7 delivers Samsung's most advanced smartphone experience yet - powerful, immersive, intelligent, and portable all-in-one, while Galaxy Z Flip7 adapts, anticipates and empowers users, unlocking a smarter, more intuitive way to engage with the world. "The success of the new devices is a stepping stone for our larger goal the mainstreaming of foldable smartphones in India," he said. In the Indian market, Samsung competes with the US-based phone maker Apple in the super premium category, priced over USD 1,000. According to IDC, the Indian smartphone market is led by Vivo, which had 19.7 per cent market share in Q1 2025. Samsung was number two with 16.4 per cent shipments.
Time of India
an hour ago
- Time of India
Lured into fraud share trade, SoBo bizman loses 4cr
Mumbai: A 57-year-old builder from south Mumbai fell prey to a cyber investment scam, losing Rs 4.21 crore over two months after being lured through a fake stock trading platform posing as SBI Caps Securities. The businessman, a Peddar Road resident, lodged an FIR with South Cyber police station. He has stated that while browsing Instagram on May 16, he came across an advertisement offering high returns on share market investments. On clicking on it, he was contacted by one Saroj Gupta, who added him to a WhatsApp group titled 'SBICAP Securities VIP (G2)'. The group was operated by several people posing as officials from SBI Caps, including Gupta, Sumita Verma, Richard Mendonca, and others. They claimed that investors would get high returns through IPOs, block trades, and premium stock picks. The businessman was persuaded to open an 'institutional account' through a fake website, which displayed misleading dashboards showing rising profits. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai According to the FIR, between May 20 and July 8, 2025, the businessman transferred Rs 4.21 crore into various accounts shared on WhatsApp, under the belief that he was purchasing shares and earning profits. On July 8, when he tried to withdraw his returns, which appeared as Rs 52.88 crore on the fake platform, he was told to first pay 15% of that amount as "service management fee." It was here that he realised that he was defrauded. Police said that upon learning he was defrauded, he went into trauma. The next day, he submitted all related screenshots, chat logs, and bank statements to the police and lodged a complaint with the national cyber crime helpline (1930), but most of the money he transferred into various accounts was siphoned off by then. Police inspector Nandkumar Gopale and assistant inspector Sachin Trimukhe of South Cyber police station are leading the investigation.
