Refex Renewables Achieves Full Settlement with Subsidiary, Completes Key Asset Transfers

Refex Renewables Achieves Full Settlement with Subsidiary, Completes Key Asset Transfers​

Refex Renewables & Infrastructure Limited has finalized a full settlement concerning an insolvency petition filed against its subsidiary, Sherisha Solar LLP (SS-LLP). The company also executed several strategic corporate actions, including the transfer of Ishaan Solar Power Private Limited and the assignment of the 'SUNEDISON' trademark to SILRES Energy Solutions Private Limited.

The resolution follows negotiations prompted by an interim order from the National Company Law Tribunal (NCLT) dated January 30, 2026, directing parties to amicably sort out ongoing disputes.

Dispute Settlement and Liability Resolution​

SS-LLP entered into a binding Memorandum of Understanding (MOU) with SILRES Energy Solutions Private Limited (SILRES), Refex Renewables & Infrastructure Ltd., and other related entities on August 7, 2026. Definitive agreements for the resolution were completed on August 14, 2026.

As part of the full and final settlement:

• SS-LLP paid ₹ 16,51,26,975/- to settle a loan liability amounting to ₹ 33,39,39,339/-.
• SILRES will withdraw the Section 7 petition filed against SS-LLP under the Insolvency and Bankruptcy Code, 2016.
• SS-LLP had also withdrawn an application filed against SILRES under Section 65 of the Insolvency and Bankruptcy Code, 2016 before the NCLT.
• Refex Renewables & Infrastructure Limited (RRIL) will also withdraw its petition filed against SILRES under Sections 241 and 242 of the Companies Act, 2013.

Strategic Corporate Actions Undertaken​

The definitive agreements encompassed three significant corporate actions, which were completed in accordance with the August 7, 2026 MOU. These actions included the transfer of assets and equity interests:

Transfer of Ishaan Solar Power Private Limited
Ishaan Solar Power Private Limited, a wholly-owned subsidiary of the company, was transferred to SILRES for a mutually agreed consideration of ₹ 3,92,58,420/-. With this transfer, both Ishaan and its subsidiary, SEI Tejas Private Limited, ceased being wholly-owned subsidiaries of Refex Renewables & Infrastructure Ltd. as of August 14, 2026.

Equity and Trademark Assignments
The company also executed two related transfers:

• SILRES Stake Sale: The Company transferred its 1,00,000 equity shareholding (representing 0.064% on a fully diluted basis) in SILRES to Avyan Pashupathy Capital Advisors Private Limited for a mutually agreed consideration of ₹ 10,00,000/-.
• Trademark Transfer: The 'SUNEDISON' trademark was assigned by the Company to SILRES for a lump sum consideration of ₹ 1,00,00,000/-.

The transfers and settlements have completed the resolution of disputes between the entities.

Stock Price Movement​

Refex Renewables & Infrastructure Ltd. saw its shares edge higher at the close of trade on Monday, settling at ₹327.50 after a 0.99% gain. The stock remained completely flat throughout the session, as the intraday high and low both registered at ₹327.50.