NSE/BSE Codes: NSE: RELINFRA, BSE: 500390

Summary of Key Information:

Nature of Event / Disclosure:

Disclosure under Regulation 30 of SEBI Listing Regulations regarding withdrawal of insolvency petition against Mumbai Metro One Private Limited (MMOPL), a 74% subsidiary of Reliance Infrastructure Limited.

Involved Parties / Authorities:

  • Financial Creditor: National Asset Reconstruction Company Limited (NARCL) (formerly Indian Bank)
  • Corporate Debtor: Mumbai Metro One Private Limited (MMOPL)
  • Regulatory Authority: National Company Law Tribunal, Mumbai Bench
  • Joint Venture Partners: Reliance Infrastructure Limited (74%), Mumbai Metropolitan Regional Development Authority (26%)

Date / Timeline of Event:

  • January 15, 2024: Initial disclosure regarding the insolvency petition
  • July 10, 2026: NCLT order date allowing withdrawal
  • July 29, 2026: Date of this regulatory disclosure to exchanges
  • July 9, 2026: Date of Master Restructuring Agreement execution
  • March 3, 2025: Date when NARCL was substituted as Financial Creditor in place of Indian Bank

Brief Description of Outcome / Dispute:

The National Company Law Tribunal, Mumbai Bench has allowed the withdrawal of the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by National Asset Reconstruction Company Limited against Mumbai Metro One Private Limited. The withdrawal is in terms of the Master Restructuring Agreement executed between NARCL and MMOPL for the restructuring of the entire financial obligations of MMOPL towards NARCL.

Impact of Outcome:

Financial Impact:

No material financial impact disclosed in terms of specific monetary amounts, penalties, or quantitative figures. The restructuring agreement suggests a resolution of financial obligations without immediate insolvency proceedings.

Operational / Business / Strategic Impact:
  • Avoidance of corporate insolvency resolution process for MMOPL
  • Continuation of normal business operations for the Mumbai Metro One project
  • Successful debt restructuring through agreement with the financial creditor
  • Preservation of the joint venture structure with MMRDA
Other Implications:
  • Positive resolution of a significant legal matter for Reliance Infrastructure's subsidiary
  • Demonstration of successful negotiation with financial creditors
  • Avoidance of potential reputational damage from formal insolvency proceedings

Next Steps / Required Actions:

  • Compliance with terms of the Master Restructuring Agreement dated July 9, 2026
  • NARCL retains the right to revive the insolvency petition in case of default by MMOPL on restructuring terms
  • Ongoing monitoring of restructuring agreement compliance