## Reliance Infrastructure Receives Relief as NCLT Disposes of Bankruptcy Plea
Reliance Infrastructure has received a significant relief as the National Company Law Tribunal (NCLT) has disposed of a bankruptcy plea filed against its subsidiary, Mumbai Metro One Pvt Ltd (MMOPL), by SBI and IDBI Bank. This development was disclosed by the company in an exchange filing on April 15, 2024.
The NCLT's decision comes after all lenders involved in the project agreed to a one-time settlement (OTS) with MMOPL. This agreement resolves the outstanding dues owed by MMOPL to the consortium of lenders, which totaled Rs 1,711 crore.
The bankruptcy plea against MMOPL was initially filed by SBI and IDBI Bank in 2023. In January 2024, Indian Bank also joined the petition. The lenders sought to recover their dues through the insolvency process.
However, the recent OTS agreement has averted the insolvency proceedings against MMOPL. This is a positive development for Reliance Infrastructure, as it avoids the potential disruption and financial losses associated with a bankruptcy process.
It is important to note that this information is based on publicly available sources as of November 2023. There may be updates or developments that have occurred since then.