NCLT admits IDBI Trusteeship's insolvency plea vs RInfra, latter moves NCLAT
This story was originally published at 21:57 IST on 2 June 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal has admitted a petition by IDBI Trusteeship Services Ltd. to start insolvency proceedings against Reliance Infrastructure Ltd. for an unpaid amount of INR 886.82 million. Reliance Infrastructure in an exchange filing said that it has filed an appeal against the decision in the National Company Law Appellate Tribunal.
"The company has made full payment of INR 926.8 million to Dhursar Solar Power Pvt. Ltd., towards claim of tariff as per the energy purchase agreement with the company," said Reliance Infrastructure. The Mumbai tribunal's order has become "infructuous" as legally advised, as full payment has already been made, the company added.
The Mumbai tribunal had appointed Tehseen Fatima Khatri as the interim resolution professional of Reliance Infrastructure to carry out the functions as per the Insolvency and Bankruptcy Code, 2016. "In view of the above discussions, we come to a definite conclusion that the OC (operational creditor) has become successful in establishing operational debt due and payable against the CD (corporate debtor) and that the CD is in default," said the tribunal. Further, the tribunal rejected Reliance Infrastructure's request to stay its order.
In 2011, Reliance Infrastructure and Dhursar Solar Power had executed an energy purchase agreement, under which the former had agreed to purchase all the solar energy from the solar power plant of the latter. Later, IDBI Trusteeship entered into a direct agreement in 2012 with Reliance Infrastructure and Dhursar Solar Power. As per the terms of this agreement, all the claims of Dhursar Solar Power were assigned to IDBI Trusteeship, which served as Dhursar's security trustee and the energy purchase agreement was amended accordingly.
Thereafter, Reliance Infrastructure defaulted in the payment of 10 invoices issued by Dhursar Solar Power under the energy purchase agreement. These invoices were issued between 2017 and 2018, and IDBI Trusteeship, as the security trustee of Dhursar Solar Power, sought payments against the invoices from the corporate debtor. On non-payment of dues, IDBI Trusteeship moved the Mumbai tribunal to start insolvency proceedings against Reliance Infrastructure.
On Monday, shares of Reliance Infrastructure ended 8% higher at INR 356.85 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Tanima Banerjee
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