Reliance Infra says made full payment of Rs 92.68 cr, NCLT order infructuous
Agencies
Synopsis
Reliance Infrastructure has cleared its dues of Rs 92.68 crore to Dhursar Solar Power. This payment addresses claims related to tariff agreements. Consequently, the company aims to withdraw the insolvency order issued by NCLT Mumbai. Reliance Infra plans to appeal before the NCLAT. The initial insolvency plea was filed by IDBI Trusteeship Services concerning payment defaults.
By PTI
Last Updated:
Reliance Infrastructure on Monday said 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 said it will appeal before the NCLAT and will seek withdrawal of the Order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process.
"The NCLT Order has become infructuous as legally advised, upon full payment having already been made," it said.
The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company. The plea was filed by IDBI Trusteeship Services Ltd.
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. PTI
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"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 said in a stock exchange filing.The company said it will appeal before the NCLAT and will seek withdrawal of the Order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process.
"The NCLT Order has become infructuous as legally advised, upon full payment having already been made," it said.
The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company. The plea was filed by IDBI Trusteeship Services Ltd.
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. PTI
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