Reliance Power on Wednesday said the Export-Import Bank of the United States has filed an insolvency application against the company under Section 7 of the Insolvency and Bankruptcy Code (IBC), alleging default of a guaranteed debt of $165.41 million linked to its subsidiary, Samalkot Power Ltd.
“We wish to inform you that Export-Import Bank of the United States (US Exim) has filed an application under Section 7 of IBC, 2016 against the Company alleging default of debt (net debt US$ 165.41 mn) by Samalkot Power Limited (SPL), a subsidiary, guaranteed by the Company,” said Reliance Power in its exchange filing.
In a regulatory filing,…