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Axis Bank files insolvency plea against RPower arm

It added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.

PTI|
Last Updated: Jan 21, 2020, 10.43 PM IST
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Reliance Power said one of its lenders Axis Bank has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.
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NEW DELHI: Reliance Power on Tuesday said one of its lenders Axis Bank has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.

"...application for initiation of CIRP (Corporate Insolvency Resolution Process) 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 said in a regulatory filing.

It added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.
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