NCLT OKs IBC plan for Reliance Infra Consulting, lenders take 99% haircut
This story was originally published at 18:16 IST on 19 March 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved the resolution plan of Manoj Kumar Upadhyay, the founder, chairman and managing director of ACME Group, for debt-ridden Reliance Infrastructure Consulting and Engineers Pvt. Ltd., which was a subsidiary of the erstwhile Anil Ambani group's Reliance Capital Ltd.
However, according to the resolution plan, the creditors will face a haircut of 99.91%. On the total unpaid dues of INR 10.51 billion, Upadhyay has proposed INR 10.50 million in its resolution plan, which includes INR 50,000 of corporate insolvency resolution process cost. While secured financial creditor Axis Trustee Services Ltd. will get INR 8.3 million under the resolution plan for its admitted claims of INR 4.96 billion, unsecured financial creditor J.C. Flowers Asset Reconstruction Company Pvt. Ltd will get INR 2.08 million for its admitted claims of INR 5.19 billion. Operational creditors will get INR 50,000 in the resolution plan.
In 2023, the tribunal had admitted a petition by Axis Trustee Services, a wholly-owned subsidiary of Axis Bank, to start insolvency proceedings against Reliance Infrastructure Consulting and Engineers. In May, the committee of creditors of the debt-ridden company had approved the resolution plan by Upadhyay. Reliance Infrastructure Consulting owns two wind energy generators of 225 KW capacity each, located at Tenkasi, Tamil Nadu, and two land parcels in the same place as well. The electricity generated by Reliance Infrastructure Consulting is regularly supplied to the Tamil Nadu Electricity Board till date.
Under the plan, Reliance Infrastructure Consulting and Engineers will merge with ACME Cleantech Solutions Pvt. Ltd, a flagship company of the ACME Group and the parent company of listed Acme Solar Holdings Ltd. ACME Cleantech Solutions is one of the leading global sustainable and renewable energy companies founded by Manoj Kumar Upadhyay in 2003. It is engaged in the business of undertaking project management consultancy, land development services, and operation and maintenance of renewable power plants, energy management, and has diversified into green ammonia and hydrogen business in and outside India.
The payment of the resolution amount by Upadhyay will be made in 30 days from the court's approval order. Further, Upadhyay proposed to infuse an upfront cash payment of INR 35 million into Reliance Infrastructure Consulting and Engineers in the form of equity by subscribing to equity shares of the company within 30 days of the plan approval date. End
Reported by Surya Tripathi
Edited by Avishek Dutta
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