NCLAT stays insolvency order against Reliance Infrastructure

Reliance Infrastructure Ltd. (RInfra) on Friday said the National Company Law Appellate Tribunal (NCLAT), New Delhi stayed insolvency order against the company.

On June 4, NCLAT had suspended the National Company Law Tribunal (NCLT), Mumbai’s insolvency order against RInfra after the company settled its dues to its creditors.

On May 30, NCLT, Mumbai bench had admitted RInfra for insolvency resolution following a petition filed by IDBI Trusteeship Services Ltd., being the security trustee of Dhursar Solar Power. It had also appointed Tehseen Fatima Khatri as the interim resolution professional of the company.

The operational creditor had alleged a default of ₹88.68 crore as on August 28, 2018 as well as interest at 1.25% a month from 30 days of the date of receipt of each invoice until the payment date.

RInfra later made full payment of ₹92.68 crore to Dhursar Solar Power against the claim of tariff as per the energy purchase agreement with the company and also moved an appeal before NCLAT.

NCLAT is set to hear the matter further on August 27.