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Time of India
18-07-2025
- Business
- Time of India
NCLAT Halts Insolvency Proceedings Against Reliance Infrastructure After ₹92.68 Crore Payment, ETInfra
Advt New Delhi: Reliance Infrastructure Ltd on Friday said appellate tribunal NCLAT has stayed the insolvency proceedings against the company following a repayment of ₹92.68 crore towards tariff as per an energy purchase 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 Mumbai bench of the the National Company Law Tribunal (NCLT) on May 30 this year directed initiation the corporate insolvency resolution process and appointment of an interim resolution professional against Reliance NCLT order came after IDBI Trusteeship in April 2022 had filed a petition alleging a default of ₹88.68 crore plus interest as of August 28, 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 ₹92.68 crore to Dhursar Solar Power Pvt Ltd (DSPPL)."The company has made full payment of ₹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 Trusteeship in its petition had alleged payment defaults on 10 invoices raised between 2017 and 2018 by DSPPL for supplying solar energy to Reliance payments were sought by IDBI Trusteeship, the security trustee of DSPPL. PTI
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Business Standard
04-06-2025
- Business
- Business Standard
NCLAT suspends insolvency proceedings against Reliance Infrastructure
The National Company Law Appellate Tribunal (NCLAT) has suspended the order passed by the National Company Law Tribunal (NCLT), Mumbai, admitting Reliance Infrastructure (R-Infra) into the Corporate Insolvency Resolution Process (CIRP), the company informed the stock exchanges on Wednesday. In 2022, IDBI Trusteeship Services (operational creditor), a trusteeship company jointly promoted by IDBI Bank, LIC, and GIC of India, had filed a plea with the NCLT to start insolvency proceedings against R-Infra over a default of ₹88.68 crore (excluding interest). Dhursar Solar Power Private Limited (DSPPL) supplied solar energy to R-Infra under an energy purchase agreement signed in 2011. However, R-Infra defaulted on payments for 10 invoices issued between 2017 and 2018. IDBI Trusteeship Services acted as DSPPL's security trustee. DSPPL is a Mumbai-based private company with solar power plants located in Dhursar, Rajasthan. R-Infra argued that the application was barred by limitation and that the invoices did not comply with the energy purchase agreement, and hence were not valid for operational debt claims. However, in its order dated May 30, 2025, the special bench of the NCLT admitted IDBI Trusteeship Services' plea to initiate CIRP. R-Infra claimed it had made full payment of ₹92.68 crore to DSPPL towards the tariff claim under the agreement and filed an appeal before the NCLAT seeking withdrawal of the order.
India.com
04-06-2025
- Business
- India.com
Anil Ambani wins big as NCLAT suspends insolvency order against Reliance Infra after...
Anil Ambani (File) In a major relief for Anil Ambani, the National Company Law Appellate Tribunal (NCLAT) Wednesday suspended an order issued by National Company Law Tribunal (NCLT) to admit Reliance Infrastructure into the Corporate Insolvency Resolution Process (CIRP). 'In the appeal filed, the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the Company into Corporate Insolvency Resolution Process,' the Reliance Group company revealed in its regulatory filing. NCLT admits Reliance Infra under CIRP Earlier, acting on a plea filed by IDBI Trusteeship Services Ltd, the NCLT had admitted Reliance Infra under CIRP. The plea stemmed from a dispute over a 2011 Energy Purchase Agreement (EPA) between Reliance Infrastructure and Dhursar Solar Power Pvt Ltd (DSPPL), under which the Anil Ambani-led company had committed to purchase all power generated by DSPPL's solar power plant. In 2012, DSPPL signed a direct agreement with IDBI Trusteeship Services Ltd, designating it as as the holder of DSPPL's claims. DSPPL energy to Reliance Infra between 2017 and 2018, and sent ten invoices to the company. However, after Anil Ambani's fir was unable to pay the dues, IDBI Trusteeship, under the Insolvency and Bankruptcy Code (IBC), issued a demand notice in April 2022, seeking more than Rs 88 crore in unpaid dues. IDBI Trusteeship filed a plea with the NCLT against Reliance Infra, and on May 30, a division bench of judicial member KR Saji Kumar and technical member Sanjiv Dutt said admitted the Anil Ambani-promoted company into CIRP. '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 NCLT bench said in its order. Meanwhile, Reliance Infrastructure stated that it has already paid the dues in full to DSPPL, and asserts that the plea was time-barred as the invoice dates back to September 2018, adding that the petition was non-maintainable due to its pre-existing dispute with DSPPL.
Economic Times
04-06-2025
- Business
- Economic Times
Anil Ambani's Reliance Infra says NCLAT suspends NCLT order admitting co into insolvency; shares edge up over 10%
The National Company Law Appellate Tribunal (NCLAT) has suspended the National Company Law Tribunal's (NCLT) order from May 30, 2025, which had initiated the Corporate Insolvency Resolution Process (CIRP) for Reliance Infrastructure. Following this suspension, shares of the Anil Ambani-owned company surged, trading at Rs 378.35 apiece on the BSE, marking a 10.64 per cent increase. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a major relief to Reliance Infrastructure , the National Company Law Appellate Tribunal ( NCLAT ) on Wednesday suspended the National Company Law Tribunal's ( NCLT ) order that had admitted the company into the Corporate Insolvency Resolution Process (CIRP).Shares of the Anil Ambani-owned company skyrocketed, trading at Rs 378.35 apiece on the BSE up 10.64 per cent as 3.10 PM on a regulatory filing to the stock exchanges, the company said, 'In the appeal filed, the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the Company into Corporate Insolvency Resolution Process.'The NCLT had earlier admitted the Anil Ambani-promoted company under the corporate insolvency resolution process (CIRP) following a plea filed by IDBI Trusteeship Services dispute began over an Energy Purchase Agreement (EPA) signed in 2011 between Reliance Infrastructure and Dhursar Solar Power Pvt Ltd (DSPPL). Under the agreement, Reliance Infra committed to purchasing all power generated by DSPPL's solar power secure payments under the EPA, DSPPL later entered into a direct agreement in 2012 with IDBI Trusteeship Services Ltd, designating the trustee company as the holder of DSPPL's claims. Between 2017 and 2018, DSPPL supplied energy and issued 10 invoices to Reliance Infra. After non-payment of dues, IDBI Trusteeship issued a demand notice in April 2022 under the Insolvency and Bankruptcy Code (IBC), seeking recovery of over Rs 88 on this claim, the NCLT admitted the company into CIRP. In its May 30 order, the division bench comprising 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.'However, Reliance Infrastructure argued that the dues had already been paid in full, Rs 92.68 crore to DSPPL, and that the petition itself was time-barred since the last invoice dated back to September 2018. It also contended that a pre-existing dispute with DSPPL made the application a statement to ET, a Reliance Infrastructure spokesperson said, '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.'
Time of India
02-06-2025
- 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.
