RattanIndia Power announced that REC, holding 0.001% Redeemable Preference Shares (RPS) of Rs 28.72 crore in the Company, has filed an application against the Company, under Section 7 of IBC Code. The RPS were issued, in favour of REC, on 27 December 2019.
The Company strongly disputes the eligibility and entitlement of REC to seek the initiation of proceedings against it, under the IBC Code and will accordingly, be pursuing the legal remedies in the matter, available under the law.
