Reliance Infrastructure Pays ₹926.8 Million to Dhursar Solar, Seeks NCLT Order Withdrawal

Reliance Infrastructure Ltd. has fully settled its dues of ₹926.8 million (₹92.68 crore) to Dhursar Solar Power Pvt Ltd, making the National Company Law Tribunal (NCLT) insolvency order infructuous. The company has confirmed that it will appeal before the National Company Law Appellate Tribunal (NCLAT) to withdraw the May 30, 2025, NCLT order, which had initiated insolvency proceedings against it.

 

Key Highlights

 

Full Payment to Dhursar Solar:

 

Reliance Infrastructure has cleared all outstanding dues related to tariff claims under the Energy Purchase Agreement (EPA).

 

The payment resolves a long-standing dispute over invoices raised between 2017 and 2018.

 

NCLT Order Becomes Infructuous:

 

The Mumbai bench of NCLT had admitted an insolvency plea filed by IDBI Trusteeship Services Ltd on behalf of Dhursar Solar.

 

Reliance Infrastructure argues that the insolvency proceedings are now void, as the full payment has been made.

 

Legal Appeal & Next Steps:

 

The company will file an appeal before NCLAT, seeking formal withdrawal of the insolvency order.

 

Legal experts suggest that the withdrawal process could take several weeks, depending on procedural requirements.

 

Stock Market Reaction:

 

Reliance Infrastructure’s stock remained stable, with analysts noting limited financial impact from the settlement.

 

Reliance Infrastructure’s swift resolution of the payment dispute and legal appeal for order withdrawal signal a proactive approach to financial and regulatory matters.

 

Source: Business Standard, Rediff Money, and Economic Times.