Thursday, Aug 11, 2022 | Last Update : 01:27 AM IST

  Business   Companies  22 Jan 2020  Axis Bank files insolvency plea against RPower arm

Axis Bank files insolvency plea against RPower arm

PTI
Published : Jan 22, 2020, 9:19 am IST
Updated : Jan 22, 2020, 9:19 am IST

The company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.

Axis Bank has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.
 Axis Bank has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.

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.

Tags: axis bank, reliance power
Location: India, Delhi, New Delhi