US Exim Files Insolvency Petition Against Reliance Power
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US Exim has filed a Section 7 insolvency petition against Reliance Power Limited (RPOWER) over a USD 165.41 million default by its subsidiary Samalkot Power Limited (SPL).
- Application filed: 29 April 2026 (NCLT Mumbai notice issued same day); next hearing set for 15 June 2026.
- Subsidiary dispute: SPL began arbitration at the London Court of International Arbitration on 29 June 2025, contesting the debt’s validity.
- Financial exposure: Alleged default equals ≈ INR 15,660 lakhs (Rs 94.80/USD); the company says no immediate balance‑sheet impact and the claim is not legally tenable.
- Risks: Possible asset freezes, heightened credit‑rating pressure, and share‑price volatility if the claim is upheld.
- Potential upside: A successful legal defence could bolster Reliance Power’s credit profile and set a precedent for cross‑border debt disputes.
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