Axis Bank files insolvency plea against Vidarbha Industries Power
Axis Bank has initiated insolvency process against its subsidiary or a claim of Rs 553.28 crore
- Jan 22, 2020,
- Updated Jan 22, 2020 8:22 AM IST
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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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.
Also read: GSTN claims glitch-free return filing in January
Also read: Andhra's three capitals no issue, stalled projects is the real problem