CFM Asset Reconstruction Pvt Ltd files insolvency petition against Reliance Power Ltd

CFM Asset Reconstruction Private Limited (CFM) has filed an application under Section 7 of IBC, 2016, against the Company for alleged claim of INR 3901.59 crore as on August 17, 2023, towards Corporate Guarantees given by the Company against the borrowings of Vidarbha Industries Power Limited, a subsidiary of the Company.

The Company has proposed a one-time settlement to CFM and will take all appropriate steps to protect its interest in the aforesaid matter.

Shares of Reliance Power Limited was last trading in BSE at Rs. 28.67 as compared to the previous close of Rs. 26.07. The total number of shares traded during the day was 18162649 in over 18635 trades.

The stock hit an intraday high of Rs. 28.67 and intraday low of 27.16. The net turnover during the day was Rs. 513476103.00.

Source : Equity Bulls

Keywords

ReliancePower INE614G01033 RPOWER Insolvency CFMAssetReconstruction CorporateGuarantee VidarbhaIndustriesPower OTS