Reliance Power wins lawsuit in Indonesian court

Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power, has won a lawsuit in the Central Jakarta district court in 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 said Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier Known as Kokos Leo Lim) and Prestige Capital Holdings , Seychelles to pay Reliance Power Netherlands BV a sum of US $ 43.2 Million along with default interest. The total dues payable by Kokos Jiang and Prestige Capital Holdings stand at US $ 68 million as on the day of the judgement. With this judgment, Indonesian court has further reinforced the ongoing award execution process.

 

Reliance Power is on track to execute the award for a sum of US$ 68 Million (Rs. 510 Crore) during FY 2020-21.

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