NCLAT halts insolvency action against Reliance Infrastructure
THE JHARKHAND STORY DESK Advertisement New Delhi, June 4: In a major relief for Reliance Infrastructure, the National Company Law Appellate…
THE JHARKHAND STORY DESK
New Delhi, June 4: In a major relief for Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) today stayed the insolvency proceedings initiated by the National Company Law Tribunal (NCLT), Mumbai.
The company confirmed the development through a regulatory filing, stating that NCLAT suspended the NCLT’s May 30 order following an appeal.
The initial insolvency plea was filed by IDBI Trusteeship Services Ltd, acting on behalf of Dhursar Solar Power Private Limited (DSPPL), over alleged non-payment of Rs 88.68 crore plus interest related to invoices from 2017–2018.
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However, Reliance Infra maintained that it had already settled the dispute by paying Rs 92.68 crore to DSPPL, thus rendering the insolvency petition moot.
The NCLT had admitted the plea despite the payment, prompting Reliance Infra to challenge the order before the appellate tribunal, NCLAT. According to the company, the payment covered all tariff claims under its Energy Purchase Agreement with DSPPL.
IDBI Trusteeship, acting as DSPPL’s security trustee, had initiated the corporate insolvency resolution process (CIRP) in April 2022, claiming default on 10 invoices raised for solar energy supply between 2017 and 2018.
