Axis Bank Files Insolvency Plea Against Reliance Power Arm
Pedestrians walk past a branch of Axis Bank Ltd. illuminated at night in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

Axis Bank Files Insolvency Plea Against Reliance Power Arm

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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.

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