Union power secretary Ajay Kumar Bhalla has convened a meeting with banks, state undertakings, including Power Finance Corporation and Rural Electrification Corporation, and oganisations representing power generating companies on August 17 to discuss options to address issues faced by stressed power projects.
The meeting is crucial as the deadline for finalising the resolution proceedings for defaulting power plants is August 27, according to Reserve Bank of India circular issued on February 12.
The circular has set stiff timelines for resolving large non-performing assets, failing which banks have to mandatorily refer them for insolvency proceedings. Read More
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