IDBI Bank has requested the Mumbai bankruptcy bench to initiate corporate insolvency proceedings against Mumbai Metro One Pvt Ltd, the company responsible for operating the metro line from Versova to Ghatkopar. The lender aims to recover Rs 1.33 billion, including interest, from Mumbai Metro One. Reliance Infrastructure, led by Anil Ambani, holds a 74 per cent stake in the metro operator, while the remaining 26 per cent is owned by the Mumbai Metropolitan Regional Development Authority (MMRDA), a planning and development coordinating body in Mumbai. This metro project, awarded as the country's first public-private partnership (PPP) initiative, involves the design, financing, construction, operation, and maintenance of a 12 km elevated metro route connecting Versova to Ghatkopar with 12 stations. In August, the State Bank of India filed a petition with the National Company Law Tribunal (NCLT) to initiate corporate insolvency proceedings for the recovery of their Rs 4.16 billion debt. Additional lenders in this case include Canara Bank, Indian Bank, Bank of Maharashtra, IDBI Bank, and India Infrastructure Finance Company (UK). Mumbai Metro One has outstanding bank loans of Rs 16.50 billion and an external commercial facility of $63.44 million, as reported by a November 21, 2022 rating by Brickwork. The company has been classified as a non-cooperative borrower by the rating agency. The parent company, Reliance Infrastructure, has proposed a one-time settlement to its lenders, which is currently under discussion and awaits approval from all shareholders. Reliance Infrastructure has also lodged a claim of Rs 17.66 billion against MMRDA, citing delays in providing unencumbered 'right of way' and land, along with additional costs due to design changes to accommodate project encumbrances. Originally awarded by MMRDA in 2007 through global competitive bidding, the Versova-Andheri-Ghatkopar corridor project was executed by the Reliance Infrastructure consortium under a public-private partnership framework. A special-purpose vehicle, Mumbai Metro One, was subsequently formed to execute the project.