**Reliance Infrastructure Secures Stay on Insolvency Proceedings**
In a significant relief for Reliance Infrastructure, the National Company Law Appellate Tribunal (NCLAT) has temporarily halted insolvency proceedings initiated by IDBI Trusteeship Services Ltd over an alleged default of ₹88 crore. The NCLAT bench, consisting of Justice Yogesh Khanna and Indevar Pandey, suspended the earlier order from the Mumbai bench of the National Company Law Tribunal (NCLT), which had accepted the insolvency petition on May 30, 2025.
Reliance Infrastructure, led by Anil Ambani, confirmed the NCLAT’s decision in a regulatory filing, stating that the appellate tribunal has suspended the NCLT’s order admitting the company into the Corporate Insolvency Resolution Process (CIRP). The insolvency case traces back to April 2022 when IDBI Trusteeship filed a petition claiming that Reliance Infrastructure defaulted on payments amounting to ₹88.68 crore as of August 28, 2018, including interest. This claim was linked to ten invoices from Dhursar Solar Power Private Ltd (DSPPL) for solar energy supply, with IDBI Trusteeship acting as DSPPL’s security trustee.
In its May 30 ruling, the NCLT acknowledged that both parties had attempted to resolve the issue but concluded that IDBI Trusteeship had substantiated the debt and that Reliance Infrastructure was indeed in default. The tribunal appointed Tehseen Fatima Khatri as the interim resolution professional (IRP) to manage the company’s affairs and denied Reliance Infrastructure’s request to suspend the insolvency process.
Reliance Infrastructure later reported that it had fully settled its dues, paying ₹92.68 crore to Dhursar Solar Power Private Ltd in accordance with their energy agreement. The company contended that the NCLT’s order was no longer applicable since it had cleared its obligations. Following this, Reliance Infrastructure announced its intention to challenge the NCLT ruling at the NCLAT, which ultimately led to the suspension of the insolvency order.
In a broader context, Reliance Infrastructure has also reported a significant reduction in its standalone net debt to zero, eliminating approximately ₹3,300 crore in FY25. The company, which operates in sectors such as power, metro, roads, and defense, stated that this financial maneuver enhances its stability and positions it for future growth.
**FAQ**
*What was the reason for the insolvency proceedings against Reliance Infrastructure?*
The insolvency proceedings were initiated by IDBI Trusteeship Services Ltd, claiming that Reliance Infrastructure defaulted on payments totaling ₹88 crore related to solar energy supply invoices.
