Reliance Infrastructure Unit Faces Insolvency Petition From PNB Over $13 Mln Dues
Punjab National Bank files an insolvency petition against SU Toll Road before the Mumbai bench of National Company Law Tribunal
(The Corner Office Journal) -- SU Toll Road Private Ltd., a wholly owned subsidiary of Reliance Infrastructure Ltd., is facing insolvency petition from Punjab National Bank (PNB) over 110.09 crore rupees ($13 million) dues.
PNB, the government-owned lender, has filed an insolvency petition against SU Toll Road before the Mumbai bench of National Company Law Tribunal with a claim of 110.09 crore rupees (including interest), Reliance Infrastructure said in a stock exchange announcement.
SU Toll Road will seek legal advice and take necessary action to protect its interest in the matter, it added.
Reliance Infrastructure said the financial implication on the company cannot be ascertained and it is contingent upon the final outcome of the proceedings as well as subsequent legal challenges.
Shares of Reliance Infrastructure fell 2.5% to 261.15 rupees apiece on the National Stock Exchange in early Mumbai trading today.
Note: $1 = 84.0810 Indian rupees
(Send feedback to editor@cornerofficejournal.com)
