What Happened
In this case, Edelweiss ARC alleged that Kothari settled a dispute with Reliance Infrastructure for Rs 9.65 crore compared with the original claim of Rs 30 crore without informing the lenders.
According to the petition, Abhijeet MADC Energy in 2007 agreed to build a 271-megawatt power plant in Nagpur for the Maharashtra Airport Development Company Ltd. Against the total cost of Rs 1,500 crore, it borrowed Rs 1,200 crore. It also struck an agreement with Reliance Infrastructure, an Anil Ambani group company, in 2010 to sell 55MW power.
In the years that followed, Reliance Infrastructure failed to release claims worth over Rs 30 crore raised by Abhijeet MADC Energy, which moved the Maharashtra Electricity Regulation Commission i…
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