Axis Bank files insolvency plea against RPower arm
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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