However, Reliance Infrastructure, argued that the main application filed by the creditor is time-barred given that the last invoice was issued in September 2018 and was due for payment in November of the same year, whereas the demand notice was filed in 2022
Anil Ambani-led Reliance Infrastructure has been admitted under the corporate insolvency resolution process (CIRP) by the National Company Law Tribunal (NCLT). The Mumbai bench of the tribunal has appointed Tehseen Fatima Khatri as the interim resolution professional (IRP), the Economic Times reported.
NCLT’s move came after a plea was submitted against Reliance Infrastructure by IDBI Trusteeship Services on behalf of the operational creditors. Anil Ambani’s company, however, said it has made the payment worth Rs 92.68 crore and will file an appeal against NCLT’s order in the National Company Law Appellate Tribunal (NCLAT).
“The company has made full payment of Rs 92.68 crore to Dhursar Solar Power, towards the claim of tariff as per the energy purchase agreement with the company. Accordingly, the company preferred an appeal before the Hon’ble NCLAT and will seek withdrawal of the order dated May 30, 2025, passed by NCLT Mumbai, for corporate insolvency resolution process and appointment of the interim resolution professional,” a Reliance Infrastructure spokesperson said, according to ET.
NCLT, in its order on May 30, said that IDBI Trusteeship has proved that Reliance Infrastructure defaulted in paying operational debt due.
“We come to a definite conclusion that the operational creditor (IDBI Trusteeship) has become successful in establishing operational debt due and payable against the corporate debtor (CD) and that the CD is in default,” the bench reportedly said. The division bench of NCLT comprised judicial member KR Saji Kumar and technical member Sanjiv Dutt.
The case stemmed from the 2011 energy purchase agreement (EPA) between Reliance Infrastructure and Dhursar Solar Power (DSPPL). According to the contract, Reliance Infrastructure agreed to buy all the solar energy generated from the solar power plant of DSPPL. In the following year, IDBI Trusteeship Services entered into a direct agreement with Anil Ambani’s company and DSPPL. As per the new agreement signed in 2012, all the claims of the DSPPL were passed on to the IDBI Trusteeship. DSPPL supplied solar energy to Reliance Infrastructure and consequently raised 10 invoices during 2017 and 2018.
IDBI contested that despite repeated requests, Reliance Infrastructure failed to make payments. In 2022, IDBI issued a demand notice under the Insolvency and Bankruptcy Code (IBC) and sought payment worth ₹ 88 crore along with interest.
However, Reliance Infrastructure’s legal representative argued that the main application filed by the creditor is time-barred given that the last invoice was issued in September 2018 and was due for payment in November the same year, while the demand notice was filed in 2022.