NCLAT reserves order on contempt plea filed against Reliance Infratel

HSBC Daisy Investments (Mauritius) and others have filed the contempt petition against Reliance Infratel.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its order regarding admitting a contempt petition filed against Reliance Group Chairman Anil Ambani and its other officials by minority shareholders alleging non-payment of dues by Reliance Infratel.

A two-member bench, which was headed by NCLAT Chairman Justice S J Mukhopadhaya, said it will decide whether the contempt petition filed by HSBC Daisy Investments (Mauritius) and others should be admitted as Reliance Communications (RCom) is a now going through insolvency proceedings.

Reliance Infratel, which has been served the contempt petition, is part of RCom.

The counsel appearing for resolution professional said that as RCom was going through insolvency proceedings and was under the moratorium period under the IBC, it cannot pay money.

In May this year, the Mumbai bench of the National Company Law Tribunal (NCLT) started the corporate insolvency resolution process of RCom, which has a total bank debt of over Rs 50,000 crore.

HSBC Daisy had moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel and stated that the company has not fulfilled an undertaking given by it.

As per the consent terms of the agreement among Reliance Infratel, HSBC Daisy and others, recorded by the NCLAT in its order dated June 26, 2018, the Anil Ambani-owned firm was to pay the amount in the following six months.

After the six-month period ended, HSBC Daisy and nine other minority shareholders holding 4.26 per cent stake in Reliance Infratel filed the contempt plea.