Power companies hail Supreme Court stay on RBI circular


Power companies hail Supreme Court stay on RBI circular

Power companies have welcomed the Supreme Court’s stay on RBI circular and said the verdict will prevent 13Gw of stressed power plants from insolvency.

“SC order has provided a great relief to Power sector stressed assets , this would provide time for Bankers to finalise resolution plan for about 13 GW of projects which are presently in their final stages and HLEC under the Chairman ship of Cabinet Secretary , to submit its report on corrective actions that the Government intends to initiate to mitigate stress factors, ” Association of Power Producers director general Ashok Khurana said.

In a big relief to private power, textiles companies and shipowners, the Supreme Court has stayed the Reserve Bank of India’s circular, preventing initiation of Insolvency proceedings against their stressed power assets. Read More

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