The shares of were trading at ₹28.64 on the NSE, down by ₹0.35 or 1.21 per cent at 11.40 am today.
The Export Import Bank of the United States (US Exim) has filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against Reliance Power, alleging a debt default of net US$165.41 million by its subsidiary Samalkot Power Ltd (SPL), which Reliance Power had guaranteed.
Reliance Power disclosed this development to the exchanges post trading hours on April 29, 2026.
The company, however, maintained that the application lacks legal merit. It pointed out that SPL had pro-actively filed a case on June 29, 2025, before the London Court of International Arbitration against US Exim and Citibank N.A., the facility agent, contesting that the debt is not yet due. That arbitration proceeding remains pending.
Reliance Power stated it had been legally advised that the Section 7 petition is not tenable and would be contested appropriately. The matter was first flagged to the exchanges by the company on July 1, 2025.
This is the latest in a series of legal and financial challenges facing the Anil Ambani-promoted power company. Reliance Power said it would take all steps necessary, as advised by its legal counsel, to protect its interests.