(BS)
Anil Ambani’s Reliance Infrastructure Limited (R-Infra) has settled a dispute with CLE Private Limited (CPL)—formerly Crest Logistics and Engineers Private Limited, an unlisted private company—for an agreement of Rs 6,503.13 crore, according to the company’s stock exchange filing.
As per the terms of the agreement, assets and economic interests in assets of CPL worth Rs 5,777.13 crore stand assigned or transferred to R-Infra, and Rs 726 crore, being the decreed amount, stands converted into a secured loan, with customary representations, warranties, and indemnity in favour of the company.With this, all outstanding disputes and claims against CPL have been fully and finally settled, the company informed.
In August 2023, R-Infra initiated pre-institution mediation proceedings against CLE Private Limited for “recovery of a sum of rupees one hundred thirty billion and two hundred fifty million and interest thereon” before the concerned authority of the Bombay High Court in Mumbai.
The dispute was resolved through mediation at the Bombay High Court. The consent terms under the mediation application were submitted to the mediation centre at the court in compliance with the provisions of the Mediation Act, 2023, to resolve the dispute.
