Reliance Infrastructure Ltd.’s stock jumped 13% on Wednesday after the National Company Law Appellate Tribunal suspended an order passed by the National Company Law Tribunal that admitted the company into the insolvency resolution process.
The Mumbai branch of the NCLT passed that order on May 30. The plea to admit Reliance Infra into insolvency was filed by the IDBI Trusteeship back in April 2022, alleging a default of Rs 88.68 crore, and an interest of 1.25% a month.
The default was on payment of 10 invoices raised between 2017 and 2018 by Dhursar Solar Power Pvt. for supplying solar energy to Reliance Infrastructure. IDBI Trusteeship, being the security trustee of DSPPL, sought payments against the invoices from Reliance…
