Creditors take Reliance Infra, Reliance Power to insolvency court a day after exit of Anil Ambani
Three Anil Ambani group companies – Reliance Infrastructure, Reliance Power and Reliance Natural Resources Limited (RNRL) – have been dragged to insolvency court, the companies informed the exchanges in separate filings.
Reliance Power and its subsidiary Reliance Natural Resources Limited have been taken to insolvency court – the National Company Law Tribunal – by Piramal Capital and Housing Finance Limited in relation to financial claim of Rs. 526.10 Cr due from RNRL.
SREI Equipment Finance Ltd has taken Reliance Infrastructure to NCLT in relation to an amount of Rs.38.6 crore.
Both the petitions have been filed under Section 7 of the Insolvency and Bankruptcy Code.
However, the Anil Ambani Group companies have told exchanges that they are yet to receive any notice from NCLT, and that the companies are engaged in bilateral discussions to resolve the matter outside IBC and taking requisite steps.
It is to be mentioned here that SREI Equipment Finance itself is undergoing corporate insolvency resolution process after the Central bank of the country initiated insolvency proceedings against it and SREI Infrastructure Finance Company in October last year.
The financial creditors initiated action against the Anil Ambani companies after he stepped down from the board of the two companies — Reliance Infrastructure and Reliance Power.
Capital market regulator Securities and Exchange Board of India (Sebi) had ordered that Anil Ambani and other directors of Reliance Home Finance Ltd to quit as directors in any listed company.
“Anil D. Ambani, non-executive director, steps down from the Board of Reliance
Power in compliance of SEBI interim order,” said Reliance Power in a regulatory filing. A similar statement was Reliance Infrastructure as well on the stepping down of Ambani from its board.
The capital market regulator has barred Reliance Home Finance Ltd, Anil Ambani and three others from the securities market following charges of funds diversion.
Both Reliance Power and Reliance Infrastructure have appointed bureaucrat Rahul Sarin as additional director in the capacity of Independent Director for a term of five years.
