Lenders to RPower, arm sign inter-creditor agreement
Reliance Power on Friday said lenders to the company and to a subsidiary have signed an Inter-Creditor Agreement (ICA).
“Reliance Power’s six lenders igned the Inter-Creditor Agreement (ICA) on July 6, 2019,”it said in a regulatory filing. The company added that it has now achieved standstill for 180 days as per the ICA.
According to a June 7 circular from the Reserve Bank of India, the resolution plan of Reliance Power is to be implemented within 180 days.
“All six lenders of Reliance Power’s subsidiary Vidarbha Industries Power Ltd (VIPL), the 600 MW Butibori Power Project near Nagpur in Maharashtra, have also signed the ICA, giving VIPL a 180-day timeframe to implement a resolution plan,” the company further said.
