Reliance Infra JV Faces IBC Petition for $182M Debt; Restructuring Revoked

Reliance Infrastructure Ltd's joint venture, Mumbai Metro One Private Limited (MMOPL), is facing a petition under the Insolvency and Bankruptcy Code (IBC) filed by India Infrastructure Finance Co. (UK) Limited (IIFC) for recovery of approximately USD 182 Million, a portion of which is disputed by MMOPL. Additionally, National Asset Reconstruction Company Limited (NARCL) has revoked MMOPL's Master Restructuring Agreement (MRA) due to non-fulfillment of a condition precedent related to IIFC's approval. MMOPL is seeking legal advice to protect its interests. The financial implications for Reliance Infrastructure are currently unascertainable and contingent on the outcome of these legal proceedings.