Latest news with #TehseenFatimaKhatri
Time of India
18-07-2025
- 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.
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.
The Hindu
02-06-2025
- Business
- The Hindu
NCLT admits Reliance Infrastructure for insolvency resolution process
The National Company Law Tribunal (NCLT), Mumbai has admitted insolvency plea against Reliance Infrastructure Ltd. filed by IDBI Trusteeship Services Ltd. In April 2022, IDBI Trusteeship had filed a petition for initiating corporate insolvency resolution process (CIRP) against Reliance Infrastructure, under section 9 of the Insolvency and Bankruptcy Code, alleging a default of ₹88.68 crore as on August 28, 2018 as well as interest at 1.25% a month from 30 days of the date of receipt of each invoice until the payment date. It was based on default in the payment of 10 invoices issued between 2017 and 2018 by Dhursar Solar Power Private Ltd. (DSPPL) for supplying solar energy to Reliance Infrastructure as per the energy purchase agreement in 2012. IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance Infrastructure. In its order on May 30, NCLT said it was aware of the attempts of both the parties to amicably settle the matter. 'We provided sufficient opportunities for the same but the efforts did not yield any result and also noted that the pre-mediation process between the parties has not become successful,' it added. The NCLT said it has come to a definite conclusion that IDBI Trusteeship has become successful in establishing operational debt due and payable against Reliance Infrastructure and that the company is in default. It also appointed Tehseen Fatima Khatri as the interim resolution professional (IRP) of the company. The NCLT also declined the Reliance Infrastructure lawyer's request to stay the order of admission of CIRP and also to direct the IRP not to take charge of the company. 'We find that there is no provision in the IBC to stay an order of CIRP initiated in respect of the Corporate Debtor (CD). This Adjudicating Authority also has no power to direct an Interim Insolvency Professional appointed, not to take charge of its CD once CIRP is ordered,' it added.
