April 16, 2024: The National Company Law Tribunal (NCLT) has disposed of the insolvency case filed by the State Bank of India (SBI) and IDBI Bank against Reliance Infrastructure’s Mumbai Metro One Pvt Ltd (MMOPL).
Reliance Infrastructure Limited in a regulatory filing with the National Stock Exchange mentioned, “In furtherance to our disclosure dated January 15, 2024, and pursuant to Regulation 30 of the Listing Regulations, we wish to inform you that the Section 7 petitions of SBI and IDBI Bank are disposed-off by NCLT Mumbai in view of OTS issued by all lenders, against Mumbai Metro One Private Limited (MMOPL), a joint venture of the company with Mumbai Metropolitan Regional Development Authority (MMRDA) (where the company holds 74% and MMRDA holds 26%).”
MMOPL had taken a loan of Rs 1,711 crore from six banks out of which SBI and IDBI had moved the NCLT on non-payment of dues. A one-time settlement helped in disposing of the case.
This ruling has paved the way for the MMRDA to take over Mumbai Metro One. The Maharashtra Cabinet on March 11 approved the buyout of R-Infra’s 74% stake in Mumbai Metro Line 1 for Rs 4,000 crore. With this buyout, R-Infra will exit out of the project and MMRDA will be the sole owner of the MMOPL.
Mumbai Metro One is the first metro in Mumbai and plys between Ghatkopar and Versova. It is 11.4 km and has 12 stations. This metro line sees a daily ridership of 4.7 lakh commuters.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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