Export Import Bank of the United States (US Exim) filed an insolvency application against Reliance Power alleging a ₹1568.09 Crore debt default. The debt pertains to subsidiary Samalkot Power Limited and is guaranteed by the company. Reliance Power is contesting the application as legally untenable, noting the matter is already sub judice in the London Court of International Arbitration.
Reliance Power Ltd faces an insolvency application filed by US Exim under Section 7 of IBC for an alleged ₹1554.85 Crore debt default by its subsidiary, Samalkot Power. The matter is currently sub judice before the London Court of International Arbitration. The company intends to contest the application, stating the debt is not due.