Axis Bank has filed for Corporate Insolvency Resolution Process (CIRP) against Reliance Power’s subsidiary -- Vidarbha Industries Power for a claim of Rs 553.28 crore. The company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.
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.