Page 2 - Reliance Infrastructure

NCLT disposes case of bankruptcy plea filed by against Mumbai Metro One

In a relief to Reliance Infrastructure, National Company Law Tribunal (NCLT) has disposed of insolvency case filed by SBI and IDBI Bank against Mumbai Metro One Pvt Ltd (MMOPL). Mumbai Metro One Pvt Ltd (MMOPL) is a 74:26 joint venture of Reliance Infrastructure Ltd and Mumbai Metropolitan Regional Development Authority (MMRDA). "We wish to inform you that the Section 7 petitions of SBI and IDBI Bank are disposed of by NCLT Mumbai in view of OTS (one-time debt settlement) issued by all lenders, against Mumbai Metro One Pvt Ltd (MMOPL)," Reliance Infrastructure Ltd said in a regulatory filing on Monday. An application under Section 7 of Insolvency and Bankruptcy Code (IBC) is initiated by a financial creditor either on their own or jointly with other financial creditors for initiation of Corporate Insolvency Resolution Process against a corporate debtor. State Bank of India (SBI) had in August 2023 filed an application before the NCLT against the Mumbai Metro, to recover Rs 416.08 .

Anil Ambani's Reliance Infra says SC imposed no liability on company

Anil Ambani's Reliance Infrastructure Ltd on Wednesday said no liability has been imposed on it by the Supreme Court order that set aside a Rs 8,000-crore arbitral award that was granted in favour of Delhi Airport Metro Express Pvt Ltd (DAMEPL). Setting aside the award, the top court ordered DAMEPL to refund all sums previously paid by the Delhi Metro Rail in accordance with the arbitral award. DMRC had paid Rs 3,300 crore to DAMEPL. "Reliance Infrastructure wishes to clarify that the Order dated April 10, 2024, passed by the Supreme Court does not impose any liability on the company and the company has not received any money from DMRC / DAMEPL under the arbitral award," the firm said in a stock exchange filing. While DAMEPL is a subsidiary of Reliance Infrastructure, it is a separate entity and the liability falls on it.

Reliance Infra hits 5-year high; stock zooms 41% in 3 days

Reliance Infrastructure was trading 8 per cent higher at Rs 256.40, compared to 0.16 per cent decline in the S&P BSE Sensex

Reliance Infra Q3 results: Net loss widens to Rs 421 cr on higher expenses

Reliance Infrastructure Ltd on Friday reported widening of consolidated net loss to Rs 421.17 crore in the December quarter, due to higher expenses. It had clocked a net loss of Rs 267.46 crore in the year-ago period, the company said in an exchange filing. The company's total income, however, rose to Rs 4,717.09 crore from Rs 4,224.64 crore in the same period a year ago. Its expenses surged to Rs 5,068.71 crore from Rs 4,840.87 crore in the third quarter of the previous fiscal. Reliance Infrastructure is engaged in the business of providing engineering and construction services for power, roads, metro rail, and other infrastructure sectors.

NCLT approves resolution plan for Reliance Communications Infrastructure

Last week, the NCLT gave its approval for the sale of specific real estate properties of Reliance Communications Limited

Reliance Infrastructure Q2 result: Net loss widens to Rs 294 crore

Reliance Infrastructure Ltd (RInfra) on Wednesday reported a widening of net loss to Rs 294.06 crore during the September quarter as expenses increased. It had clocked Rs 162.15 crore net loss during the July-September period of the preceding 2022-23 fiscal, the company said in a regulatory filing. The company's total income, however, increased to Rs 7,373.49 crore over Rs 6,411.42 crore in the year-ago quarter. Expenses surged to Rs 7,100.66 crore from Rs 6,395.09 crore in the same quarter a year ago. RInfra is engaged in the business of providing Engineering and Construction (E&C) services for power, roads, metro rail and other infrastructure sectors. The company is also engaged in the implementation, operation and maintenance of several projects in the defence sector and infrastructural areas through its special purpose vehicles.

BSE SmallCap index tumbles 3.5% in second sharpest single-day fall of 2023

Total 14 stocks including Jai Corp, Kesoram Industries, MMTC, Ashapura Minechem, HPL, Omaxe, Prakash Industries and Reliance Infrastructure were locked in their respective lower circuits

Three bidders in race to acquire RInfra road projects for Rs 6,000 crore

The sale of the entire road portfolio of Reliance Infrastructure is anticipated by the end of this month

Contract reform seeks to settle disputes, make doing business easier

Second edition of the Vivad Se Vishwas scheme nudges government officers not to pursue adverse arbitration orders endlessly

Supreme Court defers execution proceedings by Reliance Infra against DMRC

DMRC had moved a curative petition asking the apex court to reconsider its 2021 order upholding the arbitral award in Reliance Infra's favour

Delhi HC asks NHAI to pay Rs 1,204 cr to subsidiary: Reliance Infra

The Delhi High Court has directed the National Highway Authority of India (NHAI) to pay an arbitral award of Rs 1,204 crore to TK Toll Road Pvt Ltd (TKTR), a wholly-owned subsidiary of Reliance Infrastructure Ltd, according to an exchange filing. In the regulatory filing, Reliance Infrastructure Ltd said the High Court in its August 9 order has directed NHAI to deposit the amount with it and allowed TKTR to withdraw the same against the bank guarantee. "We wish to inform you that in the matter of arbitration between TKTR and NHAI, in an execution petition, the Delhi High Court, vide order its dated August 9, 2023 directed NHAI to deposit the awarded amount along with interest total sum of Rs 1,204 crore with the Delhi High Court and allowed TKTR to withdraw the same against the bank guarantee," the filing said. The amount will be utilised for debt reduction, the company said.

Cube Highway, CPPIB, Brookfield in race to buy Reliance Infra road assets

Road asset sale to reduce Rel Infra debt by Rs 2,000 cr

Arbitration off track

Delhi Metro shareholders should step up

Govt moves to end possibility of attachment of DMRC's assets in RInfra case

On March 17, the Delhi High Court handed down an order to ensure the payment of an arbitral award due for over five years

DMRC seeks review of HC order on plea by DAMEPL in arbitral award case

The Delhi Metro Rail Corporation on Thursday told the Delhi High Court that attachment of its statutory expenses will result in immediate stoppage of the entire Metro network in the national capital

DMRC review petition against Reliance Infra to be heard on March 29

The order said that if permission is given to DMRC it should deposit the entire amount payable along with interest within a month

DMRC-RInfra controversy shows potential glitches in framing PPP contracts

The Public Private Partnership Appraisal Committee has cleared 79 projects with a total project cost of Rs 227,268.1 crore from FY15 to FY23, noted the latest Economic Survey

Delhi HC orders DMRC to pay arbitral dues to Rinfra within a month

Tells DMRC to take permission from Centre, Delhi govt within two weeks to pay up

Delhi HC reserves order on Reliance Infra arm's plea against DMRC

Says parties in the case may file written submissions by Monday

DMRC has to pay from funds lying in its account, RInfra arm tells Delhi HC

The DAMEPL counsel argued that DMRC's stance that the corporate veil cannot be lifted does not hold water since it went ahead and did just that