[ By Bobby Anthony ]Reliance Power has stated that one of its lenders Axis Bank has initiated a Corporate Insolvency Resolution Process (CIRP) against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.“Application for initiation of Corporate Insolvency Resolution Process (CIRP) for Vidarbha Industries Power Ltd, a subsidiary of the company, has been filed by only...
Reliance Power has stated that one of its lenders Axis Bank has initiated a Corporate Insolvency Resolution Process (CIRP) against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.
“Application for initiation of Corporate Insolvency Resolution Process (CIRP) for Vidarbha Industries Power Ltd, a subsidiary of the company, has been filed by only one of its lender Axis Bank Ltd for a claim of Rs 553.28 crore,” Reliance Power has stated in a regulatory filing to stock exchanges.
It has added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.