New Delhi: National Company Law Appellate Tribunal (NCLAT), Friday, stayed the initiation of the corporate insolvency resolution process (CIRP) against Reliance Infrastructure as it was informed that the company had settled the due amount.
NCLAT also stayed the National Company Law Tribunal (NCLT) order, which admitted Reliance Infra into insolvency over unpaid debt of around ₹90 crore.
NCLT, in May, concluded that Reliance Infra was in default of payment of ₹90 crore to Dhursar Solar Power Private Limited (DSPPL) as part of an Energy Purchase Agreement (EPA) under which DSPPL supplied solar power.
NCLT had appointed Tehseen Fatima Khatri as an insolvency resolution professional.
However, NCLAT, last month, suspended the NCLT order…