India Infrastructure Finance Company (UK) Limited (IIFCL UK), the overseas arm of state-owned India Infrastructure Finance Company, has approached the National Company Law Tribunal (NCLT), seeking insolvency proceedings against Mumbai Metro One Private Limited (MMOPL) over alleged dues of about ₹1,745 crore.
MMOPL is controlled by Reliance Infrastructure. The petition, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), relates to an alleged default on an external commercial borrowing (ECB) facility.
A Bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar heard the matter on Wednesday.
IIFCL’s counsel told the tribunal that the total outstanding amount was around $182 million. On being asked for…