The Supreme Court order halting the insolvency and bankruptcy process under the Reserve Bank of India’s (RBI) February circular could allow seven coal-based stressed power projects with generation capacities of 10,190 MW not to use the National Company Law Tribunal (NCLT) route for resolution. These projects have already made significant progress towards resolution, Power Finance Corporation (PFC) officials said on Wednesday.
As per the RBI’s February 12 circular, lenders had to identify projects with even a day’s default and come out with a resolution plan within 180 days from the reference date of March 1, 2018 (that is, by August 27, 2018), and had to file for insolvency proceedings in the NCLT by September 11. Read more
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