Private power companies including Essar Power, GMR Energy, KSK Energy and RattanIndia have withdrawn their applications from Allahabad high court and are presently considering to approach the Supreme Court today.
The companies had approached the high court on Friday seeking extension of deadline to refer their stressed power projects to insolvency court. The deadline as per the RBI circular of Feb 12 expires on Tuesday.
The companies had sought directions to RBI for extension of deadline to refer their plants to insolvency court by 60-90 days for completing the ongoing resolution process.
Lenders to these power plants had written to the Reserve Bank of India (RBI) seeking extension but the apex bank did not respond even as its Feb 12 circular mandates banks to take these plans to NCLT by Sep 11.
The high court had in its Aug 27 judgment refused interim relief to private power companies against the controversial RBI circular on stressed assets. Read More
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