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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.