Reliance Infra Saves Itself from Bankruptcy After Paying ₹92.68 Crore

Anil Ambani's Reliance Group is now slowly getting back on track. His two companies Reliance Infra and Reliance Power are supporting the younger Ambani in his comeback. On the basis of the results of both these companies, their shares are also performing well in the stock market. Anil Ambani is also facing some setbacks in between in his journey. Now Reliance Infra Limited has claimed that the National Company Law Appellate Tribunal (NCLAT) has stopped the bankruptcy process against the company. This decision came from NCLAT when the company has made full payment of Rs 92.68 crore. This was related to tariff obligations under an energy agreement.

What was the order of NCLT against Reliance Infra?

Reliance Infra said in its recent regulatory filing that NCLAT, while hearing its appeal, stayed the order of the National Company Law Tribunal (NCLT). On May 30, the Mumbai bench of NCLT had directed to start the corporate bankruptcy process against Reliance Infra and appoint an interim resolution professional. This order came after a petition filed by IDBI Trusteeship in April 2022. It alleged default of Rs 88.68 crore and interest till 28 August 2018.

Reliance Infra made full payment

In the regulatory filing, the company said that the order of NCLT has become ineffective after Reliance Infra made full payment of Rs 92.68 crore on June 2. The company gave this money to Dhursar Solar Power Private Limited (DSPPL) for tariff claim under the Energy Deal Agreement. On June 4, NCLAT suspended the order of NCLT while hearing the company's appeal. Reliance said, 'The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited.'

What was the allegation against Reliance Group?

IDBI Trusteeship had alleged in its petition that Reliance Infrastructure did not pay 10 invoices issued by Dhursar Solar Power Private Limited for solar energy supply between 2017 and 2018. These payments were demanded by IDBI Trusteeship, which is the security trustee of DSPPL. After this decision, Anil Ambani's company has got a big relief. After the completion of payment and the order of NCLAT, the company has been saved from the bankruptcy process.