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Big relief to Reliance Infra as NCLAT stays insolvency proceedings
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against Reliance Infrastructure.
The appellate tribunal's order came in response to an appeal filed by Reliance Infra challenging a May 30 ruling by the National Company Law Tribunal (NCLT), Mumbai, which had admitted an insolvency plea filed by IDBI Trusteeship Services Ltd.
In an exchange filing, Reliance Infrastructure confirmed that the NCLAT had "suspended the order dated May 30, 2025, passed by the NCLT in case no. C.P. (IB)/624(MB)2022, admitting the company into Corporate Insolvency Resolution Process".
Full payment made, says Reliance Infra
The company argued that the insolvency plea was infructuous, as it had already cleared the entire outstanding amount of ₹92.68 crore to Dhursar Solar Power Pvt Ltd, the original creditor, under an energy purchase agreement.
Reliance Infra - IDBI Trusteeship dispute
The dispute dates back to invoices raised between 2017 and 2018 by Dhursar Solar Power for solar energy supplied to Reliance Infrastructure. IDBI Trusteeship, acting as the security trustee for Dhursar Solar Power, had filed a corporate insolvency resolution process (CIRP) petition in April 2022, claiming a default of ₹88.68 crore (plus interest) as of August 28, 2018.
Reliance Infra reiterated in its filing that the full payment had been made and moved the appellate tribunal to have the insolvency proceedings quashed.
Following the NCLAT order, Reliance Infrastructure shares surged on Wednesday, closing trading at ₹380.50 on the BSE, up 11.27 per cent.
The next hearing in the case is scheduled for July 18, when the NCLAT is expected to further examine the merits of Reliance Infra's appeal.
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