Reliance Infrastructure’s nearly
three-year wait to get its claims worth Rs 898 crore from Damodar Valley
Corporation may come to an end by July. This may help the Anil Ambani-led
company repay a part of its debt.
The Supreme Court has extended the deadline set
by it for DVC to pay the dues by another eight weeks from May 31 considering
the corporation’s weak financials but took an undertaking from its chairman on
the certainty of the payment.
The undertaking, legal experts said, means DVC
has no other legal course left but to pay off the dues within the stipulated
time.
DVC had filed a petition in the Supreme Court seeking an
extension of the earlier deadline of May 31 saying that it was facing a
financial crunch and it owed a huge sum from the Jharkhand government.
“On considering the grounds raised in the application, we are
inclined to grant extension of time,” the Supreme Court said in its order dated
May 31. The Court had directed DVC chairman to file an undertaking stating that
the dues would be deposited by it with the registrar of High Court at Calcutta
within eight weeks, “to safeguard the interest of the respondent (Reliance
Infrastructure)”.
Earlier, DVC had released bank guarantees of Reliance Infra
to the tune of Rs 354 crore, helping the latter reduce debt which has been the
company’s announced endeavour. The private sector infrastructure company
suffered a consolidated net loss of Rs 938.4 crore in FY22.
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