Reliance Power wins lawsuit challenging validity of arbitration award

Reliance Power Netherlands BV, a wholly-owned subsidiary of Anil Ambani-owned Reliance Power Ltd, has won a lawsuit in the Central Jakarta district court of Indonesia challenging the validity of Singapore arbitration award favouring Reliance Power.

Kokos Jiang and Prestige Capital Holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award.

As per the Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier known as Kokos Leo Lim) and Prestige Capital Holdings Ltd in Seychelles to pay Reliance Power Netherlands BV a sum of 43.2 million dollars along with default interest.

The total dues payable by Kokos Jiang and Prestige Capital Holdings stands at 68 million dollars as on the day of judgement. With this judgement, the Indonesian court has further reinforced the ongoing award execution process.

"Reliance Power is on track to execute the award for a sum of 68 million dollars (Rs 510 crore) during FY 2020-21," it said in regulatory filings at Indian stock exchanges on Tuesday.

Reliance Power Ltd, a part of the Reliance Group, is a leading private sector power generation and coal resources company. It has one of the largest portfolios of power projects based on coal, gas, hydro and renewable energy with an operating portfolio of 5,945 megawatts.