Latest news with #R-Infra
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Business Standard
03-07-2025
- Business
- Business Standard
No impact on biz: RInfra, RPower after SBI's 'fraud' tag on RCom account
Reliance Infrastructure (R-Infra) and its subsidiary Reliance Power (R-Power) have said that the recent move by the State Bank of India (SBI) to classify the loan account of Reliance Communications (R-Com) as 'fraud' will not affect their business operations, financial performance, shareholders, employees, or any other stakeholders. R-Infra and R-Power are separate and independent listed entities with no business or financial linkage to R-Com, both companies said in separate stock exchange filings on Thursday. Further, Anil Ambani is not on the board of R-Infra and R-Power. On Wednesday, R-Com disclosed to the exchanges that the SBI has decided to classify the company's loan account as 'fraud' due to irregularities in the conduct of the account. The SBI is also set to report both the account and Ambani, a director at R-Com, to the Reserve Bank of India (RBI). 'We have taken cognisance of the responses (wherever received) to our show-cause notice (SCN), and after due examination of the same it is concluded that sufficient reasons have not been provided by the respondent, to explain the non-adherence to the agreed terms and conditions of the loan documents or the irregularities observed in the conduct of the account of Reliance Communications to the satisfaction of the bank,' SBI said in a letter to RCom on June 23, which the company received on June 30. The company has, however, clarified that the classification of 'fraud' by SBI is not expected to have any impact on it and that it is seeking legal advice on the same. Besides, R-Com is undergoing a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been approved by the committee of creditors of the company and is presently awaiting approval of the National Company Law Tribunal, Mumbai Bench.
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Business Standard
03-07-2025
- Business
- Business Standard
R-Infra, R-Power say no impact on biz after SBI's action against R-Com
Reliance Infrastructure (R-Infra) and its subsidiary Reliance Power (R-Power) have stated that the recent action by the State Bank of India (SBI) to classify the loan account of Reliance Communications (R-Com) as fraud has absolutely no impact on their business operations, financial performance, shareholders, employees, or any other stakeholders. R-Infra and R-Power are separate and independent listed entities with no business or financial linkage to R-Com, both companies said in separate stock exchange filings on Thursday. Further, Ambani is not on the board of R-Infra or R-Power. Accordingly, any action taken concerning R-Com has no bearing or impact on the governance, management, or operations of R-Infra and R-Power, the two companies claimed. Earlier, on Wednesday, R-Com disclosed to the exchanges that SBI had decided to classify the company's loan account as 'fraud' due to irregularities in the conduct of the account. SBI is also set to report both the account and Ambani, a director at R-Com, to the Reserve Bank of India (RBI). 'We have taken cognisance of the responses (wherever received) to our show-cause notice (SCN), and after due examination of the same, it is concluded that sufficient reasons have not been provided by the respondent to explain the non-adherence to the agreed terms and conditions of the loan documents or the irregularities observed in the conduct of the account of Reliance Communications to the satisfaction of the bank,' SBI said in a letter to R-Com on June 23, which the company received on June 30. The company has, however, clarified that the classification of 'fraud' by SBI is not expected to have any impact on it and that it is seeking legal advice on the same. Besides, R-Com is undergoing a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been approved by the committee of creditors of the company and is presently awaiting approval from the National Company Law Tribunal, Mumbai Bench. A meeting of the committee of the company's creditors has been scheduled for Friday.
Business Standard
23-06-2025
- Business
- Business Standard
Reliance Infra subsidiary settles ₹273 crore debt obligation to Yes Bank
JR Toll Road Private Limited (JRTR), a wholly owned subsidiary of Anil Ambani-promoted Reliance Infrastructure (R-Infra), has settled the entire outstanding debt obligation of ₹273 crore (including interest) owed to Yes Bank. 'JR Toll Road Private Limited (JRTR), a wholly owned subsidiary of the Company (along with the Company as corporate guarantor), has entered into an addendum to the settlement agreement today with Yes Bank Limited (YBL) for the entire outstanding debt obligation of ₹273 crore (including interest) owed by JRTR to YBL, and has duly paid the entire settlement amount,' R-Infra stated. The company entered into a debt settlement agreement with Yes Bank on Monday (June 23) and has duly paid the entire settlement amount, according to its stock exchange filing. 'The above agreement has also resulted in full settlement/discharge of the Company's obligation as a guarantor for the said loan on behalf of JRTR,' the company added. Earlier, in November 2024, the company had entered into an agreement with the bank to settle the then-debt obligation of ₹271.18 crore (including interest). However, the agreement was terminated in April 2025 due to a delay in payment of the balance settlement amount by JRTR. Since then, JRTR had been in discussions with Yes Bank for an extension of the settlement proposal. Earlier this month, the Bombay High Court directed the Mumbai Metropolitan Region Development Authority (MMRDA) to pay the arbitration award of ₹1,169 crore to Mumbai Metro One Pvt Ltd (MMOPL), another subsidiary of R-Infra. On June 4, the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the National Company Law Tribunal (NCLT), Mumbai, admitting Reliance Infrastructure into the Corporate Insolvency Resolution Process (CIRP). In 2022, IDBI Trusteeship Services — an operational creditor jointly promoted by IDBI Bank, LIC and GIC of India — filed a plea with the NCLT to initiate insolvency proceedings against R-Infra over an alleged default of ₹88.68 crore (excluding interest).
Business Standard
04-06-2025
- Business
- Business Standard
NCLAT suspends insolvency proceedings against Reliance Infrastructure
The National Company Law Appellate Tribunal (NCLAT) has suspended the order passed by the National Company Law Tribunal (NCLT), Mumbai, admitting Reliance Infrastructure (R-Infra) into the Corporate Insolvency Resolution Process (CIRP), the company informed the stock exchanges on Wednesday. In 2022, IDBI Trusteeship Services (operational creditor), a trusteeship company jointly promoted by IDBI Bank, LIC, and GIC of India, had filed a plea with the NCLT to start insolvency proceedings against R-Infra over a default of ₹88.68 crore (excluding interest). Dhursar Solar Power Private Limited (DSPPL) supplied solar energy to R-Infra under an energy purchase agreement signed in 2011. However, R-Infra defaulted on payments for 10 invoices issued between 2017 and 2018. IDBI Trusteeship Services acted as DSPPL's security trustee. DSPPL is a Mumbai-based private company with solar power plants located in Dhursar, Rajasthan. R-Infra argued that the application was barred by limitation and that the invoices did not comply with the energy purchase agreement, and hence were not valid for operational debt claims. However, in its order dated May 30, 2025, the special bench of the NCLT admitted IDBI Trusteeship Services' plea to initiate CIRP. R-Infra claimed it had made full payment of ₹92.68 crore to DSPPL towards the tariff claim under the agreement and filed an appeal before the NCLAT seeking withdrawal of the order.
