india

RCap referred to NCLT, Reliance Power defaults

🔴 Reliance Power has defaulted on interest payment to IDBI Bank and DBS Bank. It owes IDBI Bank Rs 42 crore in principal and Rs 0.44 crore worth of interest, according to its exchange filing.

Even as the Reserve Bank of India (RBI) on Thursday referred Reliance Capital Ltd to the Mumbai Bench of the National Company Law Tribunal (NCLT), another Anil Ambani group firm, Reliance Power, said it defaulted on interest payment to 2 banks.

“The Reserve Bank has today (2 December) filed an application for initiation of corporate insolvency resolution process (CIRP) against Reliance Capital,” the RBI said in a statement.

Reliance Power has defaulted on interest payment to IDBI Bank and DBS Bank. It owes IDBI Bank Rs 42 crore in principal and Rs 0.44 crore worth of interest, according to its exchange filing. It owes DBS Bank India Rs 113 crore and interest worth Rs 1.17 crore.

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