Reliance Power’s 6 lenders have signed the lnter-Creditor Agreement (ICA) on July 6, 2019. As per the RBI Circular of June 7, 2019, 100% of its lenders have signed the ICA for the resolution of Reliance Power’s debt.
The company has now achieved standstill for 180 days as per the ICA. According to the RBI Circular, the Resolution Plan of Reliance Power is to be implemented within 180 days.
All 6 Lenders of Reliance Power’s subsidiary Vidarbha Industries Power (VIPL), 600 MW Butibori Power Project near Nagpur in Maharashtra, have also signed ICA giving VIPL a 180-day timeframe to implement a resolution plan.
Reliance Power, a part of the Reliance Group, is India’s leading private sector power generation and coal resources company. The company has the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy.