Game-Changer! Reliance Infra’s Legal Battle Takes a Turn as NCLAT Steps In

Image Source: CNBC TV18

In a major relief for Anil Ambani-led Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) has halted insolvency proceedings, reversing an earlier order by the National Company Law Tribunal (NCLT). The decision sent Reliance Infra’s stock soaring by 10%, reflecting renewed investor confidence.

Key Highlights:

- NCLAT suspends NCLT’s May 30 order, which had admitted Reliance Infra into insolvency.
- Stock jumps 10%, trading at ₹378.35 on the BSE following the announcement.
- IDBI Trusteeship Services Ltd filed the insolvency plea, citing ₹88 crore in unpaid dues.
- Reliance Infra contests insolvency claim, stating it already paid ₹92.68 crore to Dhursar Solar Power Pvt Ltd.
- Legal battle continues, with Reliance Infra seeking complete withdrawal of insolvency proceedings.

The insolvency case stemmed from a 2011 Energy Purchase Agreement (EPA) between Reliance Infra and Dhursar Solar Power Pvt Ltd, which later assigned its claims to IDBI Trusteeship. Reliance Infra argues that the petition is time-barred, as the last invoice dates back to 2018, and insists that all dues have been settled.

With NCLAT’s intervention, Reliance Infra has secured a temporary breather, but the legal battle is far from over. Investors remain optimistic, as the company fights to fully overturn the insolvency ruling.

Sources: MSN News, Economic Times, CNBC TV18