Latest news with #YogeshKhanna
Mint
6 days ago
- Business
- Mint
Relief for Reliance Infra as NCLAT puts bankruptcy proceedings on hold
In a relief to Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against the company that were initiated by IDBI Trusteeship Services Ltd over an alleged default of ₹ 88 crore. The NCLAT bench, comprising Justice Yogesh Khanna (Judicial Member) and Indevar Pandey (Technical Member), paused the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which had admitted the insolvency plea against the company on 30 May 2025, following a petition by IDBI Trusteeship. The Anil Ambani-led Reliance Infrastructure also announced the NCLAT order in its regulatory filing: "In the appeal filed, the NCLAT today has suspended the Order dated May 30, 2025 passed by the 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. The case started back in April 2022, when IDBI Trusteeship filed a petition for insolvency proceedings, claiming Reliance Infrastructure had defaulted on ₹ 88.68 crore as of 28 August 2018, plus interest. The issue was related to 10 invoices raised by Dhursar Solar Power Private Ltd (DSPPL) for supplying solar energy. IDBI Trusteeship, as DSPPL's security trustee, sought payments from Reliance Infrastructure. In its 30 May order, the NCLT noted that both parties had tried to settle the matter. But it found that IDBI Trusteeship had proven the debt was due and that Reliance Infrastructure was in default. The NCLT appointed Tehseen Fatima Khatri as interim resolution professional (IRP) to oversee the company. It also rejected Reliance Infrastructure's request to pause the insolvency process or to stop the IRP from taking charge. 'The IBC does not have any rule to stay an order once the CIRP is started,' the tribunal noted. Reliance Infrastructure later announced in a regulatory filing that it had fully paid ₹ 92.68 crore to Dhursar Solar Power Private Ltd as per the energy agreement. The company argued that the NCLT order was no longer valid since it had already cleared its dues. The company said it would challenge the NCLT order at the NCLAT, which ultimately stayed the insolvency order. Earlier, Reliance Infrastructure said it had reduced its standalone net debt to zero, cutting about ₹ 3,300 crore in FY25. The firm, which works in power, metro, roads and defence sectors, said this move strengthens its finances and positions it for future growth.
Hindustan Times
03-06-2025
- Politics
- Hindustan Times
Ludhiana: 2 sports bodies booked on corruption charges
The Division Number 8 police have registered two separate FIRs against the office bearers of the Ludhiana District Cricket Association (LDCA) and Badminton association following serious allegations of corruption, financial mismanagement and betrayal of trust. FIR against LDCA office bearers was lodged following a complaint filed by Pankaj Dogra and Yogesh Khanna on behalf of Ludhiana Old Cricket Players' Association. According to the complainants, the newly elected executive committee of the LDCA, which assumed office on November 7, 2020, had promised to induct former players as members and bring transparency and fairness to the functioning of the association. However, those promises were allegedly broken soon after the elections. The association's leadership was accused of favouring a few individuals under political influence, while ignoring many old players who had supported their campaign and even contributed financially to legal battles for reform. The complainants further alleged that since the new committee took charge, no annual general meetings were held, and no financial records or audit reports were made public, despite it being a legal requirement under the Societies Registration Act, 1860. They claimed that from April 2020 to the present, the LDCA has failed to disclose its financial statements or maintain transparency regarding its functioning. Adding to the concerns, the association alleged that the LDCA was charging ₹2,000 per month from local cricketers for access to the association's ground. Those unable to pay were allegedly denied entry and practice opportunities, raising questions about the fairness and inclusivity of the current system. The complainants also revealed that they had organised a press conference in March 2022 to raise these issues publicly, and it was during this event that they learned from reliable sources about alleged financial irregularities and misappropriation of public funds within the LDCA. They emphasised that despite repeated appeals to the LDCA for transparency, financial accountability and fair treatment of players, the leadership ignored their concerns. They urged the authorities to immediately dissolve the current executive body and appoint an interim apex committee to oversee the association's operations until fresh elections are conducted. Sub-inspector Paramjit Singh, who is investigating the matter, stated that the FIR was lodged following an investigation. The accused have been booked under Sections 420 and 120 B of IPC. The other FIR has been lodged following the complaint of Anand Tiwari, who alleged that the association office bearers were charging fee from the players, while the practice and coaching here was free.
