SILRES Energy Solutions Private Limited has filed an application for initiation of Corporate Insolvency Resolution Process against Sherisha Solar LLP, a step-down subsidiary of the Company.
Awaiting price reaction for this filing.
SILRES Energy Solutions Private Limited has filed an application before the NCLT Chennai Bench under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sherisha Solar LLP (SS LLP), a step-down wholly-owned subsidiary of Refex Renewables (held through Refex Green Power Limited). The application relates to an alleged default in payment of approximately ₹34.24 crore (₹34,24,38,916). The company has stated that SS LLP intends to vigorously contest the petition. No information has been given on whether NCLT has admitted the petition or granted any interim relief.
This is a material legal exposure at the subsidiary level and could pressure the parent if the petition proceeds to admission. Since the company plans to contest and admission has not been confirmed, the immediate impact may be sentiment-driven rather than financial, but the situation warrants close monitoring.