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Hans India
5 days ago
- Business
- Hans India
Insolvency move against Rel Infra stayed by NCLAT
New Delhi: In a big relief to Reliance Infrastructure, appellate tribunal NCLAT on Wednesday stayed the insolvency proceedings against the company. Reliance Infrastructure in a regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the NCLT over an appeal filed by it. "In the appeal filed, the 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," it said. On May 30, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company filed by IDBI Trusteeship Services Ltd. This was opposed by Reliance Infra, saying that it had made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. "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 a stock exchange filing on June 2.
India.com
6 days ago
- 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.
Time of India
6 days ago
- Business
- Time of India
NCLAT halts insolvency proceedings against Reliance Infrastructure
In a significant relief for Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the insolvency proceedings initiated against the company. In a regulatory filing, Reliance Infrastructure confirmed that the appellate tribunal has suspended the earlier order passed by the National Company Law Tribunal (NCLT), Mumbai, reported PTI. "In the appeal filed, the 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 company stated. On May 30, the Mumbai bench of the NCLT had admitted an insolvency plea filed by IDBI Trusteeship Services Ltd against Reliance Infrastructure. The plea was contested by Reliance Infra, which argued that the entire amount of Rs 92.68 crore had already been paid to Dhursar Solar Power Pvt Ltd against tariff claims, rendering the insolvency petition infructuous. "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 said in a stock exchange filing dated June 2. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The dispute traces back to April 2022, when IDBI Trusteeship filed a petition seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Reliance Infrastructure, alleging a default of Rs 88.68 crore as of August 28, 2018, along with interest. The default related to ten invoices issued between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for the supply of solar energy to Reliance Infrastructure. IDBI Trusteeship, as the security trustee for DSPPL, was seeking repayment of those dues. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
02-06-2025
- Business
- Business Standard
Reliance Infra says made full payment of ₹92.68 cr, NCLT order infructuous
Reliance Infrastructure on Monday said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. "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 said in a stock exchange filing. The company said it will appeal before the NCLAT and will seek withdrawal of the Order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process. "The NCLT Order has become infructuous as legally advised, upon full payment having already been made," it said. The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company. The plea was filed by IDBI Trusteeship Services Ltd. In April 2022, IDBI Trusteeship had filed a petition for initiating a corporate insolvency resolution process (CIRP) against Reliance Infrastructure alleging a default of Rs 88.68 crore as of August 28, 2018, plus interest. The default was on payment of 10 invoices raised between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for supplying solar energy to Reliance Infrastructure. IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance Infrastructure.
Time of India
02-06-2025
- Business
- Time of India
Reliance Infra says made full payment of Rs 92.68 cr, NCLT order infructuous
Reliance Infrastructure on Monday said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. "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 said in a stock exchange filing. The company said it will appeal before the NCLAT and will seek withdrawal of the Order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live Comfortably: 60m2 prefabricated bungalow for the elderly in Phong Chau Pre Fabricated Homes | Search Ads Search Now "The NCLT Order has become infructuous as legally advised, upon full payment having already been made," it said. The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company. The plea was filed by IDBI Trusteeship Services Ltd . Live Events In April 2022, IDBI Trusteeship had filed a petition for initiating a corporate insolvency resolution process (CIRP) against Reliance Infrastructure alleging a default of Rs 88.68 crore as of August 28, 2018, plus interest. The default was on payment of 10 invoices raised between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for supplying solar energy to Reliance Infrastructure. IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance Infrastructure. PTI
