Reliance Infra Gets Breather: NCLAT Stays ₹92.68 Cr Insolvency Proceedings

The National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against Reliance Infrastructure. The order came just a day after the National Company Law Tribunal (NCLT) in Mumbai admitted an insolvency petition filed by IDBI Trusteeship Services Ltd.

"We wish to inform that in the appeal filed, the Hon’ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today suspended the order dated May 30, 2025, passed by the National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the Company into Corporate Insolvency Resolution Process," the Anil Ambani-owned company said on Wednesday.

IDBI Trusteeship Services Ltd had filed the insolvency plea under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Reliance Infrastructure Ltd in April 2022, seeking initiation of the Corporate Insolvency Resolution Process (CIRP).

The case was based on an alleged default of ₹88.68 crore, plus interest, related to ten unpaid invoices issued between 2017 and 2018 by Dhursar Solar Power Pvt Ltd under a 2012 energy purchase agreement. As the security trustee for DSPPL, IDBI sought payment from Reliance Infra.

The company, however, contested the plea’s maintainability in a separate application filed on July 3, 2024, arguing that the claimed amount does not qualify as operational debt under IBC provisions.

At the NCLT, Reliance Infra also argued that the plea was no longer valid, as it had already cleared the full outstanding amount of ₹92.68 crore owed to Dhursar Solar Power Pvt Ltd, the original creditor under the energy purchase agreement.

Following the NCLAT’s order, shares of Reliance Infrastructure surged on Wednesday, ending the day 11.27% higher at ₹380.50 on the BSE.

The case is scheduled for its next hearing on July 18, when the NCLAT will continue examining the merits of Reliance Infra’s appeal.