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Time of India
3 days ago
- Business
- Time of India
Bankruptcy court admits insolvency resolution plea against Reliance Infrastructure
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Anil Ambani-promoted Reliance Infrastructure Ltd. under the corporate insolvency resolution process (CIRP) and has appointed Tehseen Fatima Khatri as the interim resolution professional (IRP).The development followed an application filed by IDBI Trusteeship Services Ltd on behalf of the operational creditors. The trustee company had approached the tribunal after the company defaulted on its dues of more than Rs 88 response to ET's queries, Reliance Infrastructure said there is no impact or bearing of the NCLT order on the company or any of its subsidiaries.'The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards the claim of tariff as per the energy purchase agreement with the company. Accordingly, the company preferred an appeal before the Hon'ble NCLAT and will seek withdrawal of the order dated May 30, 2025, passed by NCLT Mumbai in case no. C.P. (IB) 642/MB/2022, for corporate insolvency resolution process and appointment of the interim resolution professional,' a Reliance Infrastructure spokesperson said, adding that the NCLT order has become infructuous, as legally advised, upon full payment having already been its order of May 30, the division bench of judicial member KR Saji Kumar and technical member Sanjiv Dutt said, 'We come to a definite conclusion that the operational creditor (IDBI Trusteeship) has become successful in establishing operational debt due and payable against the CD (corporate debtor) and that the CD (Reliance Infrastructure) is in default.'The genesis of the dispute lies in the energy purchase agreement (EPA) of 2011, between Reliance Infrastructure and Dhursar Solar Power Pvt Ltd (DSPPL). Under the agreement, the Anil Ambani-promoted company agreed to purchase all the solar energy generated from the solar power plant of in 2012, IDBI Trusteeship Services entered into a direct agreement (DA) with Reliance Infrastructure and DSPPL. As per the terms of the agreement, all the claims of the DSPPL were assigned to the IDBI per the agreement, DSPPL supplied solar energy to Reliance Infrastructure and raised 10 invoices for this during 2017 and counsel Gaurav Joshi and Animesh Bisht of Cyril Amarchand Mangaldas, appearing for the IDBI Trusteeship, submitted that on account of Reliance Infrastructure's failure in making payments to the trustee company despite repeated requests, the trustee issued a demand notice in April 2022 under the Insolvency and Bankruptcy Code, seeking payment of more than Rs 88 crore along with this, senior advocate Prateek Seksaria, appearing for Reliance Infrastructure, argued that the main application filed by the creditor was time-barred by limitation since the last invoice was issued in September 2018 and was due and payable in November 2018, while the main application was filed in April Infrastructure also argued that the main application against the company was not maintainable on account of a pre-existing dispute with on the date of admission of the company, Reliance Infrastructure, through senior counsel Ashish S. Kamat, requested to stay the order of admission of CIRP and also sought to direct the resolution professional not to take charge of the tribunal, however, rejected the request with the observation that it did not have any power to stay the CIRP against the company after passing an admission order.
The Print
22-05-2025
- Business
- The Print
Reliance Defence ties up with German arms maker Rheinmetall AG to make explosives for export markets
'Reliance Infrastructure Limited promoted Reliance Defence Limited (Reliance Defence) and Düsseldorf-based Rheinmetall AG have agreed on a strategic partnership in the field of ammunition. An agreement to this effect has now been signed by the representatives of both companies,' it added. To support this collaboration, Reliance Defence Ltd will set up a greenfield manufacturing facility in the Watad Industrial Area of Ratnagiri, Maharashtra, according to a statement issued by the Reliance Group. New Delhi: The Anil Ambani-promoted Reliance Defence Limited (Reliance Defence) has tied up with Düsseldorf-based Rheinmetall AG—a company banned from doing business with the Indian defence ministry—to manufacture explosives and propellants for medium and large caliber ammunition for international customers. Incidentally, this marks the third major partnership for Reliance Defence, following its alliances with Dassault Aviation and the Thales Group of France. The Reliance Group said the collaboration will include supply of explosives and propellants for medium and large caliber ammunition to Rheinmetall by Reliance. 'Furthermore the two companies intend to engage in joint marketing activities for selected products and are aiming to further extend their cooperation based on future opportunities.' In 2012, the German company was blacklisted by the Indian defence ministry over allegations of corruption, and remains so till date. The ban was extended for three more years this year. Incidentally, state-run Munitions India Limited had sold close to 500 tons of explosives to the Germany company in 2023 and early 2024. The Reliance Group statement said that the proposed manufacturing facility, to be one of the largest in South Asia, will have an annual capacity to produce up to 200,000 artillery shells, 10,000 tons of explosives and 2,000 tons of propellants. This new facility will help Reliance Defence achieve its objective of being amongst top three defence exporters in the country, it added. 'The cooperation gives Rheinmetall further access to important raw materials and secures not only its supply chains, also in the interests of its customers, but also creates further growth opportunities.' Armin Papperger, CEO of Rheinmetall AG emphasised that 'this strategic partnership…illustrates our strong commitment to partner with India under the strong leadership of Prime Minister Modi'. On his part, Anil Ambani said, 'We are proud to partner with Rheinmetall AG, one of the world's most respected leaders in defence objective is clear—to position Reliance Defence among the top 3 defence exporters, enabling India to not only meet its domestic defence needs, but also emerge as a key player in the global defence supply chain. This project marks a major step in the Reliance Group's long-term strategy to invest in the fast-growing defence manufacturing sector.' With a market capitalisation of over €80 billion, Rheinmetall AG concluded the calendar year 2024 with an annual revenue of €9.8 billion, from operations spanning 171 global locations. (Edited by Gitanjali Das) Also Read: From unmanned naval systems to artillery guns, here are Adani Group's focus areas in defence sector
