Reliance Infra shares surge 10% after NCLAT suspends NCLT order admitting company to insolvency
Published on 04/06/2025 03:11 PM
Reliance Infra shares surge 10% after NCLAT suspends NCLT order admitting company to insolvencyReliance Infrastructure had moved the NCLAT stating that the NCLT order becomes infructuous as the complete payment of the amount in contention has been made.By Hormaz Fatakia June 4, 2025, 3:11:43 PM IST (Published)1 Min ReadShares of Reliance Infra Ltd. surged as much as 10% on Wednesday, June 4, after the company informed the exchanges that the National Company Law Appellate Tribunal (NCLAT) has suspended the order passed by the National Company Law Tribunal (NCLT), that had admitted the company into the insolvency resolution process.
The NCLT had passed that order on May 30 this year.
The plea to admit Reliance Infra into insolvency was filed by the IDBI Trusteeship back in April 2022, alleging a default of ₹88.68 crore, and an interest of 1.25% a month.
The petition was filed after Dhursar Solar Power Pvt. Ltd. defaulted in payments of 10 invoices issued between 2017 and 2018 to supply solar energy to Reliance Infra as per an energy agreement in 2012. IDBI Trusteeship had sought payments from Reliance Infra against these invoices.
Reliance Infra later informed the exchanges that it has made the full payment f ₹92.68 crore to Dhursar Solar Pvt. Ltd. towards the said energy purchase agreement. The company had also moved the NCLAT stating that the NCLT order becomes infructuous as the complete payment of the amount in contention has been made.
Shares of Reliance Infra are trading 10.1% higher at ₹376.75. The stock is up 47% in the last one month.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsReliance InfraReliance Infrastructureshare market today