SC Restores China Development Bank as Creditor in Reliance Infratel Case

24 Dec 2024 CW Team

The Supreme Court reinstated China Development Bank, Exim Bank of China, Asset Care and Reconstruction Enterprises, and others as financial creditors in the insolvency process of Reliance Infratel Ltd. Reliance Infratel, now acquired by Reliance Project & Property Management Services—a subsidiary of Reliance Jio Infocomm—has faced protracted legal challenges concerning creditor claims.

A bench led by Justice Abhay S Oka struck down the 2022 National Company Law Appellate Tribunal (NCLAT) order, which had declassified these four entities as financial creditors. The resolution professional for Reliance Infratel had previously admitted claims worth Rs 410.55 billion from 35 financial creditors, including Rs 109.52 billion from the four reinstated creditors.

The case stems from Reliance Project & Property Management’s Rs 37.20 billion bid to acquire Reliance Infratel’s tower and fibre assets under a resolution plan approved by the National Company Law Tribunal (NCLT) in 2020. However, Doha Bank challenged the classification of the four creditors as financial creditors, arguing that they were indirect creditors with claims based on hypothecated assets of Reliance Infratel used to secure loans for Reliance Communications.

In 2022, the NCLAT ruled in favor of Doha Bank, stating that the ""Deed of Hypothecation"" (DoH) was misconstrued as a ""Deed of Guarantee"" and did not establish the creditors as guarantors. The Supreme Court’s reversal now allows the claims of China Development Bank and others to be reinstated in the insolvency process.

The decision reinforces the position of financial creditors in insolvency proceedings and paves the way for a more structured resolution of Reliance Infratel’s debt.

Products

07 Jul 2026

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..

Dubai Property Sales Rise as Rental Activity Hits Record High

Dubai's real estate market recorded its highest-ever monthly rental activity in June, while property sales rose sharply in both value and volume, reflecting sustained demand across the emirate's residential and commercial sectors.According to a market analysis by fäm Properties based on DXBinteract data, 40,022 rental contracts were registered during the month, the highest monthly total on record. New rental contracts increased 48.6 per cent year on year to 19,245, while renewals rose 28.5 per cent to 20,777.Property sales reached 13,933 transactions worth AED33.2 billion in June, representin..

Isprava Partners Courtside to Launch Luxury Padel Experience

Luxury home developer Isprava has partnered with Courtside, Mumbai's first padel social club, to launch The Isprava Court, integrating its design-led lifestyle proposition with one of the city's emerging sporting destinations.Located on the rooftop of Atria Mall in Worli, Courtside spans 20,000 sq ft and combines padel, wellness, hospitality and community experiences. Since opening in February 2026, the venue has positioned itself as a social hub for sports and lifestyle enthusiasts.The Isprava Court features curated brand elements, including bespoke court branding, branded nets, towels and ac..