Anil Ambani-owned Vidarbha Industries moves Bombay High Court against lenders’ move to auction company’s debt

Mumbai: Anil Ambani-owned Vidarbha Industries Power has petitioned the Bombay High Court objecting to a decision by its lenders to auction the company’s debt, court documents show.

Banks led by Axis Bank have scheduled a Swiss Challenge auction to sell principal debt of ₹2,569 crore and $27.7 million in overseas currency loans of the distressed power company on August 8.