Reliance Infrastructure moves Supreme Court for blocking NLC plan
Reliance Infrastructure on Tuesday moved the Supreme Court seeking to restrain Tamil Nadu-based NLC India from enchasing its advance bank guarantees (ABGs) to the tune of over Rs 150 crore. The BGs were given during setting up of two 250 MW thermal power stations at Bithnok and Barsingsar in Rajasthan at the cost of around Rs 3,700 crore in 2016.
A bench led by Chief Justice NV Ramana while seeking response from NLC India and the three banks – State Bank of India, Canara Bank and IDBI Bank – also asked the parties to maintain staus quo with regard to ABGs issued by the lenders at RInfra’s behest, under a Letter of Award of November 2016. NLC had extended an advance of Rs 261.21 crore to Reliance Infrastructure against 12 ABGs furnished by three banks.
