Reliance Infrastructure’s HK Toll Road Admitted into Insolvency Proceedings over Rs 282.59 Crore Default
Reliance Infrastructure Ltd. has a subsidiary named H.K. Toll Road Private Limited, which has been admitted into insolvency proceedings by the National Company Law Tribunal (NCLT), Mumbai, after a petition was filed by Canara Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by Canara Bank, which is the lead lender of a consortium that had financed the company’s highway project in Tamil Nadu.
According to the order, Canara Bank had claimed an amount of Rs 282.59 crore, which comprises principal dues of Rs 234.22 crore and interest of Rs 48.36 crore. The dispute arises out of the financial…