Some power firms taken to NCLT just before SC order


Some power firms taken to NCLT just before SC order

Lenders dragged a bunch of power companies to the National Company Law Tribunal (NCLT), signalling their intention to seek an early resolution to the issue of bad loans, just hours before the Supreme Court ordered status quo to be maintained on cases filed against companies from sectors including sugar, shipping and power to proceed under the insolvency code.

IL&FS Tamil Nadu Power Co, GMR Rajahmundry Energy and Prayagraj Power Generation were among the companies taken to NCLT as bankers and promoters failed to find a solution to defaults on loans taken by these companies.

Karnataka-based steel maker BMM Ispat was also taken to the NCLT by lenders just a day ahead of the RBI deadline of Tuesday. Read More

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