IBC Petition shared Against JV Mumbai Metro One; NARCL Revokes Debt Restructuring
India Infrastructure Finance Co. (UK) Ltd has shared an IBC Section 7 petition before NCLT Mumbai against Mumbai Metro One Private Limited (JV with MMRDA), seeking ~ USD 182 Million including interest — part of which MMOPL disputes.
- IBC Petition Amount
- ~ USD 182 Million including interest
- Petition Shared Against
- Mumbai Metro One Private Limited (JV with MMRDA)
- Petition Shared By
- India Infrastructure Finance Co. (UK) Ltd
- Update Court
- NCLT Mumbai
- MRA Revocation Date
- September 29, 2026
What was disclosed
The company informed the exchanges of two developments concerning Mumbai Metro One Private Limited (MMOPL), its joint venture with the Mumbai Metropolitan Regional Development Authority (MMRDA).
- India Infrastructure Finance Co. (UK) Limited (IIFC) has shared a petition under Section 7 of the IBC against MMOPL before NCLT Mumbai, for recovery of ~ USD 182 Million (including interest). A part of this amount is disputed by MMOPL.
- The National Asset Reconstruction Company Limited (NARCL), acting through India Debt Resolution Company Limited, by letter dated September 29, 2026, has revoked the restructuring under the Master Restructuring Agreement (MRA) dated July 9, 2026 with MMOPL.
Why the restructuring was revoked
The stated reason is non-fulfilment of one of the conditions precedent in the MRA, namely approval from IIFC. The company had earlier disclosed the MRA on July 10, 2026.
What it means in simple terms
A Section 7 IBC petition is a creditor's application to begin insolvency proceedings against a borrower for unpaid dues. It is at the update stage; admission by the tribunal is a separate step. The revocation of the restructuring means the earlier agreed rework of MMOPL's debt no longer stands.
Company's position
MMOPL is seeking appropriate legal advice and will take all appropriate steps to protect its interest. The company states that the financial implication on it cannot be ascertained and is contingent upon the final outcome of the proceedings and subsequent legal challenges.
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More numbers
- Amount claimed in IBC petition against MMOPL (including interest)~ USD 182 Million
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