NCLT admits insolvency plea against Anil Ambani's Reliance Infra after...; share falls over...

Anil Ambani, Reliance Group chairman, has received a piece of bad news as the NCLT admitted an insolvency plea against his Reliance Infrastructure Ltd. The move came after a plea was submitted against Reliance Infra by IDBI Trusteeship Services on behalf of the operational creditors. The Mumbai bench of the National Company Law Tribunal (NCLT) also appointed Tehseen Fatima Khatri as the interim resolution professional (IRP), ET reported.

IDBI Trusteeship Services Ltd, on behalf of the operational creditors, had submitted an application under the corporate insolvency resolution process (CIRP) against the Ambani company. The trustee company had approached the tribunal after the company defaulted on its dues of more than Rs 88 crore, ET reported.

Reliance Infrastructure reacts

The Reliance firm on Monday said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. The company said it will appeal before the NCLAT and will seek withdrawal of the order dated May 30, 2025, passed by NCLT Mumbai for initiation of the corporate insolvency resolution process.

"The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra said in a stock exchange filing.

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Reliance Infra claimed that there is no impact or bearing of the NCLT order on the company or any of its subsidiaries. However, after the development, shares of the company fell by 4.30 per cent on NSE to Rs 341.50 on June 3. The market cap of the firm reached Rs 13511 crore. The company has interests in the fields of power plants, metro rail, airports, bridges, toll roads, and defence.

A flagship company of Reliance Group, it recently announced that it is targeting Rs 3,000 crore from the export of 155 mm ammunition and aggregates by the end of the financial year 2027, sources said, PTI reported. It has brought down its standalone net debt from banks and financial institutions to zero.