Reliance Power Ltd. on Tuesday said one of its lenders Axis Bank Ltd. 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.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
