New Delhi: In a relief to Reliance Infrastructure, the National Company Law Tribunal (NCLT) has disposed of the insolvency case filed by SBI and IDBI Bank against Mumba Metro One Private Limited (MMOPL).
Mumbai Metro One Private Limited (MMOPL) is a 74:26 joint venture between Reliance Infrastructure Limited and Mumbai Metropolitan Regional Development Authority (MMRDA).
"We wish to inform you that the Section 7 petitions of SBI and IDBI Bank have been disposed of by NCLT Mumbai in view of the OTS (One Time Loan Settlement) issued by all the lenders against Mumbai Metro One Private Limited (MMOPL)." Infrastructure Ltd. said in a regulatory filing on Monday.
An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) is initiated by a financial creditor on its own or jointly with other financial creditors to initiate corporate insolvency resolution process against a corporate debtor.State Bank of India (SBI) had filed an application before the NCLT in August 2023 for recovery of Rs 416.08 crore against Mumbai Metro, following which IDB Bank had applied.
SBI and IDBI Bank are part of the consortium of six lenders that financed the Mumbai Metro project.
The total principal debt of the consortium in Mumbai Metro One Pvt Ltd was Rs 1,711 crore.
Earlier this month, the Supreme Court overturned its earlier decision, which had allowed the Delhi Metro Rail Corporation (DMRC) to pay an arbitration award of nearly Rs 8,000 crore to Reliance Infra's subsidiary, Delhi Airport Metro Express Pvt Ltd (DAMEPL). Was forced to.
DMRC's appeal and review petitions, challenging the arbitral award asking DAMEPL to pay Rs 8,000 crore, were dismissed by the top court, which heard the curative petition and reserved the verdict on April 10. took.
Mumbai Metro One Private Limited (MMOPL) is a 74:26 joint venture between Reliance Infrastructure Limited and Mumbai Metropolitan Regional Development Authority (MMRDA).
"We wish to inform you that the Section 7 petitions of SBI and IDBI Bank have been disposed of by NCLT Mumbai in view of the OTS (One Time Loan Settlement) issued by all the lenders against Mumbai Metro One Private Limited (MMOPL)." Infrastructure Ltd. said in a regulatory filing on Monday.
An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) is initiated by a financial creditor on its own or jointly with other financial creditors to initiate corporate insolvency resolution process against a corporate debtor.State Bank of India (SBI) had filed an application before the NCLT in August 2023 for recovery of Rs 416.08 crore against Mumbai Metro, following which IDB Bank had applied.
SBI and IDBI Bank are part of the consortium of six lenders that financed the Mumbai Metro project.
The total principal debt of the consortium in Mumbai Metro One Pvt Ltd was Rs 1,711 crore.
Earlier this month, the Supreme Court overturned its earlier decision, which had allowed the Delhi Metro Rail Corporation (DMRC) to pay an arbitration award of nearly Rs 8,000 crore to Reliance Infra's subsidiary, Delhi Airport Metro Express Pvt Ltd (DAMEPL). Was forced to.
DMRC's appeal and review petitions, challenging the arbitral award asking DAMEPL to pay Rs 8,000 crore, were dismissed by the top court, which heard the curative petition and reserved the verdict on April 10. took.
