RELINFRA

Reliance Infrastructure Claims Full Payment Made, Challenges Insolvency Proceedings

Claims Full Payment Made, Challenges Insolvency Proceedings Reliance Infrastructure has asserted that it has already paid the entire outstanding amount to IDBI Trusteeship and argued that the initiation of insolvency proceedings against it is unwarranted. On June 4, shares of Reliance Infrastructure surged by 11% on the NSE, closing at ₹380 per share. The dispute traces back to April 2022, when IDBI Trusteeship filed a petition to initiate a Corporate Insolvency Resolution Process (CIRP) against Reliance Infrastructure. The petition alleged a default of ₹88.68 crore as of August 28, 2018, related to 10 invoices raised between 2017 and 2018 by Dhursar Solar Power Private Ltd (DSPPL) for solar energy supplied to Reliance Infrastructure. As the security trustee for DSPPL, IDBI Trusteeship sought recovery of the dues from Reliance Infrastructure. In response, Reliance Infrastructure informed stock exchanges that it had already paid ₹92.68 crore to Dhursar Solar Power. Subsequently, it approached the National Company Law Appellate Tribunal (NCLAT), arguing that the National Company Law Tribunal (NCLT) order initiating insolvency proceedings should be rendered infructuous since the dues have been cleared.