New Delhi: In a big relief to Reliance Infrastructure, appellate tribunal NCLAT on Wednesday stayed the insolvency proceedings against the company.
Reliance Infrastructure in a regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the NCLT over an appeal filed by it.
"In the appeal filed, the NCLAT, today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the company into Corporate Insolvency Resolution Process," it said.
On May 30, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company filed by IDBI Trusteeship Services Ltd.
This was opposed by Reliance Infra, saying that it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous.
"The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra had said in a stock exchange filing on June 2.
In April 2022, IDBI Trusteeship had filed a petition for initiating a corporate insolvency resolution process (CIRP) against Reliance Infrastructure, alleging a default of Rs 88.68 crore as of August 28, 2018, plus interest.
The default was on payment of 10 invoices raised between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for supplying solar energy to Reliance Infrastructure.
IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance Infrastructure.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
