The group, which lost most of its crucial businesses like telecom, financial services and naval and ship building to bankruptcy, has been fighting survival in the last 7-8 years, when IDBI Trusteeship Services (operational creditor) — a trusteeship company jointly promoted by IDBI Bank, LIC, and GIC of India– had filed a plea with National Company Law Tribunal (NCLT), Mumbai, to start insolvency proceedings against R-Infra over a default of ₹88.68 crore (excluding interest).
In the case filed in 2022, the NCLT ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) in R-Infra on May 30. In the NCLAT hearing, R-Infra lawyers argued that the creditor demanded only for principal and in its 2022 appeal and the…
