NCLAT Halts Insolvency Drama for Reliance Infrastructure
The NCLAT has stayed insolvency proceedings against Reliance Infrastructure. The halt came after the company appealed against a May 30 order from the NCLT. The insolvency plea was based on alleged non-payment of dues to Dhursar Solar Power Pvt Ltd, although Reliance claims full payments were made.
- Country:
- India
The National Company Law Appellate Tribunal (NCLAT) has put a hold on insolvency proceedings against Reliance Infrastructure, providing a significant relief to the company. This decision comes in response to an appeal filed by Reliance Infrastructure against a previous order issued by the National Company Law Tribunal (NCLT).
The NCLAT's stay follows Reliance Infrastructure's compliance claims that it had cleared outstanding dues with Dhursar Solar Power Pvt Ltd. A regulatory filing by Reliance Infra confirmed full payment of Rs 92.68 crore, which contested the basis of the insolvency proceedings initiated by IDBI Trusteeship Services Ltd.
Originally, IDBI Trusteeship had lodged a petition citing a default of Rs 88.68 crore plus interest connected to energy supplies from Dhursar Solar Power. As the trustee for DSPPL, IDBI sought unpaid dues from Reliance Infrastructure, leading to the initial insolvency plea.
(With inputs from agencies.)
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