State Bank of India (SBI) has initiated insolvency proceedings against SU Toll Road Private Limited (SU Toll Road), a wholly-owned subsidiary of Reliance Infrastructure Limited (RInfra).
The public sector lender has filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, with the Mumbai bench of the National Company Law Tribunal (NCLT), for a claim amount of ₹358.70 crore, including of interest.
RInfra, in a regulatory filing, acknowledged the development, stating that SU Toll Road will seek appropriate legal counsel and take necessary steps to safeguard its interests in the matter. “SU Toll Road shall seek appropriate legal advice and shall take appropriate steps to protect its interest in the aforesaid matter,” RInfra said in their regulatory filing.
