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.

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