Latest news with #NCLT
India.com
13 hours ago
- Business
- India.com
Anil Ambani gets massive relief after paying Rs 920000000 to..., Reliance Infrastructure will now be...
Anil Ambani (File) Big relief for Anil Ambani: In a significant development for the Ambani family, the National Company Law Appellate Tribunal (NCLAT) has provided major relief to Anil Ambani. In the recent ruling, the NCLAT has put a stay on insolvency proceedings against Reliance Infrastructure in in a case related to Rs 88.68 crore unpaid dues from a Rs 920 crore loan case, which were earlier allowed by the Mumbai bench of the National Company Law Tribunal (NCLT). Here are all the details you need to know about the NCLAT ruling and how it is big update for Anil Ambani. How has Anil Ambani's NCLAT responded? '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.' How Anil Ambani's Reliance Infra reached NCLAT? The NCLT had admitted an insolvency plea against Reliance Infrastructure over unpaid dues of around Rs 88.68 crore to Dhursar Solar Power. However, Reliance Infra challenged this at the NCLAT, claiming it had already paid the full amount with interest (Rs 92.68 crore). On June 4, 2025, the NCLAT stayed the insolvency proceedings, granting temporary relief to Anil Ambani's company. National Company Law Tribunal passes important verdict Meanwhile, the National Company Law Tribunal (NCLT) upheld the primacy of the Enforcement Directorate in dealing with proceeds of crime linked to money laundering over claims by creditors against a 'bankrupt' company under the insolvency code, an official was quoted as saying by a report by IANS news agency. Why This NCLT Verdict is important? The verdict of the Tribunal's bench comprising Bachu Venkat Balram Das and Sanjeev Ranjan, delivered in a matter related to Shakti Bhog Snacks Limited, said: 'The Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to frustrate or sidestep the legitimate process of law under the Prevention of Money Laundering Act, 2002.' (With inputs from agencies)
Time of India
a day ago
- Business
- Time of India
NCLAT stays Reliance Infra insolvency proceedings
New Delhi: National Company Law Appellate Tribunal ( NCLAT ), Friday, stayed the initiation of the corporate insolvency resolution process ( CIRP ) against Reliance Infrastructure as it was informed that the company had settled the due amount. NCLAT also stayed the National Company Law Tribunal ( NCLT ) order, which admitted Reliance Infra into insolvency over unpaid debt of around ₹90 crore. Explore courses from Top Institutes in Select a Course Category MBA others Cybersecurity Operations Management Leadership Product Management Design Thinking PGDM Degree Project Management Finance Data Science Technology Public Policy CXO Data Analytics Data Science MCA Artificial Intelligence Management Others Healthcare Digital Marketing healthcare Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details NCLT, in May, concluded that Reliance Infra was in default of payment of ₹90 crore to Dhursar Solar Power Private Limited (DSPPL) as part of an Energy Purchase Agreement (EPA) under which DSPPL supplied solar power. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo NCLT had appointed Tehseen Fatima Khatri as an insolvency resolution professional. However, NCLAT, last month, suspended the NCLT order after observing that the debt amount, including interest, was paid by Reliance Infrastructure. Live Events Reliance infra also informed the stock exchange about the stay of CIRP and NCLT order in a filing, which stated "(NCLAT), today in furtherance of the order dated June 4, 2025 wherein the order dated May 30, 2025 was suspended, has been pleased to stay the order dated May 30, 2025 and the Corporate Insolvency Resolution Process against the Company." The case will be heard next on August 27.
India.com
2 days ago
- Business
- India.com
Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to…
Anil Ambani (File) 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)
Time of India
2 days ago
- 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
Time of India
2 days ago
- Business
- Time of India
NCLAT stays insolvency proceedings against Reliance Infrastructure
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 agreement. 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 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 Infrastructure. Explore courses from Top Institutes in Select a Course Category Product Management Operations Management Data Science Management PGDM Leadership Project Management Cybersecurity Healthcare Design Thinking Data Science Technology MBA others Public Policy healthcare Artificial Intelligence Finance Data Analytics CXO Digital Marketing Degree Others MCA Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details The 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, 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 ₹92.68 crore to Dhursar Solar Power Pvt Ltd (DSPPL). Live Events "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 statement. 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.
