NCLT Allows Withdrawal of IBC Petition Against MMOPL Following Master Restructuring Agreement
National Asset Reconstruction Company Limited (NARCL) successfully withdrew its petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mumbai Metro One Private Limited (MMOPL). This decision was granted by the National Company Law Tribunal (NCLT), Mumbai Bench, in light of a Master Restructuring Agreement executed between NARCL and MMOPL.The NCLT order, dated July 10, 2026, permitted the withdrawal, noting that the action aligned with the terms of the Master Restructuring Agreement dated July 9, 2026. The Tribunal noted that this agreement covered the restructuring of all financial obligations of MMOPL towards NARCL.
Mumbai Metro One Private Limited (MMOPL) is a joint venture between Reliance Infrastructure Limited and the Mumbai Metropolitan Regional Development Authority (MMRDA). In this venture, Reliance Infrastructure holds 74% equity while MMRDA holds 26%.
The NCLT ruling concluded that the petition could be withdrawn as per the terms of the restructuring agreement. The Tribunal also confirmed that the Financial Creditor retains the liberty to revive the Petition in the event of a default by MMOPL concerning the agreed-upon terms of the Master Restructuring Agreement.
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