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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

twitter-logoPTI | January 22, 2020 | Updated 08:22 IST
Axis Bank files insolvency plea against Vidarbha Industries Power

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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