RInfra Gets Relief From NCLAT In Insolvency Matter After Settling Dues
National Company Law Appellate Tribunal today suspends the NCLT’s insolvency order against Reliance Infrastructure
(The Corner Office Journal) -- Reliance Infrastructure Ltd. (RInfra) received the relief from India’s National Company Law Appellate Tribunal (NCLAT) in the insolvency matter after the company settled its creditor’s dues.
The NCLAT in New Delhi today suspended the National Company Law Tribunal’s (NCLT) 30 May order, admitting the company into corporate insolvency resolution process (CIRP), the infrastructure developer said in a stock exchange announcement.
The company said it will submit the NCLAT order after receiving the same.
On 30 May, the Mumbai bench of the NCLT admitted RInfra for insolvency resolution following a petition filed by IDBI Trusteeship Services Ltd., being the security trustee of Dhursar Solar Power. It The tribunal 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 rupees ($10 million) as of 28 August 2018 as well as interest at 1.25% per 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 rupees to Dhursar Solar Power against the claim of tariff as per the energy purchase agreement with the company.
The company also appealed before the NCLAT and sought the withdrawal of the NCLT’s 30 May order for CIRP and appointment of an interim resolution professional.
Note: $1 = 85.6032 Indian rupees
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