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Reliance Infrastructure has fully settled its dues amounting to INR 92.68 crore with Dhursar Solar Power Pvt Ltd towards tariff claims, effectively nullifying the initiation of insolvency proceedings filed against it. The payment was made in line with the Energy Purchase Agreement terms. The National Company Law Tribunal (NCLT) had earlier admitted an insolvency petition filed by IDBI Trusteeship Services Ltd, acting on behalf of Dhursar Solar, due to outstanding dues. Reliance Infra has now announced plans to approach the National Company Law Appellate Tribunal (NCLAT) to withdraw the insolvency order, asserting its redundancy following the settlement.
Reliance Infrastructure recently confirmed that it had completed the full payment of INR 92.68 crore to Dhursar Solar Power Pvt Ltd, settling claims related to tariff dues. The company stated in a regulatory filing that the amount was paid in accordance with the terms of its Energy Purchase Agreement with Dhursar Solar. Advertisement
Following the payment, Reliance Infrastructure disclosed its intention to move the National Company Law Appellate Tribunal (NCLAT) and request the withdrawal of the order issued by the National Company Law Tribunal (NCLT) Mumbai bench, which had initiated corporate insolvency proceedings against the company. The firm clarified that the insolvency order had become irrelevant based on legal advice, since the claimed amount had already been paid in full.
The insolvency petition had originally been admitted by the NCLT Mumbai bench after it was filed by IDBI Trusteeship Services Ltd. The trustee, acting on behalf of Dhursar Solar Power Pvt Ltd (DSPPL), had sought recovery of outstanding payments.
The dispute dates back to April 2022, when IDBI Trusteeship filed a petition to initiate the corporate insolvency resolution process (CIRP) against Reliance Infrastructure, citing a default of INR 88.68 crore as of late August 2018, along with interest. The default related to ten unpaid invoices issued between 2017 and 2018 for solar power supplied by DSPPL. As the security trustee for DSPPL, IDBI Trusteeship had pursued the overdue payments from Reliance Infra through legal channels.
By proactively clearing the INR 92.68 crore liability, the company aims to restore legal and financial normalcy while reinforcing its commitment to resolving legacy disputes. As it seeks withdrawal of the NCLT's insolvency order, Reliance Infra appears focused on safeguarding its corporate reputation and stabilising its position amidst regulatory scrutiny and past financial complications.
Source - PTI
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