Refex Renewables Settles Insolvency Case with ₹16.5 Cr Payment
Refex Renewables & Infrastructure Ltd (RRIL) has entered into a Binding Memorandum of Understanding (MOU) to settle an insolvency petition filed against its step-down subsidiary, Sherisha Solar LLP (SS-LLP), by SILRES Energy Solutions Private Limited (SILRES). Under the settlement, SS-LLP will pay ₹16,51,26,975 to SILRES, a significant reduction from the original loan liability of ₹33,39,39,339. This settlement will lead to the withdrawal of the Section 7 Insolvency and Bankruptcy Code petition by SILRES and a counter-application by SS-LLP. Additionally, RRIL will transfer its subsidiary Ishaan Solar Power Private Limited to SILRES for ₹3,92,58,420, its 0.064% stake in SILRES to Avyan Pashupathy Capital Advisors for ₹10,00,000, and the 'SUNEDISON' trademarks to SILRES for ₹1,00,00,000. The company's oppression and mismanagement petition against SILRES will also be withdrawn. The Board of Directors has approved these actions.
Key Highlights
- Settlement reached for insolvency petition against step-down subsidiary Sherisha Solar LLP.
- Sherisha Solar LLP to pay ₹16.51 Cr for full and final settlement of a ₹33.39 Cr liability.
- Company to transfer subsidiary Ishaan Solar and trademarks to SILRES as part of the deal.
- Withdrawal of insolvency and oppression/mismanagement petitions by both parties.
- Board of Directors has approved the settlement and related corporate actions.
Price Impact
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