Top officials to discuss power projects facing insolvency

Top officials to discuss power projects facing insolvency

Banking secretary Rajiv Kumar will hold a meeting with banks, power companies, and senior officials of Reserve Bank of India and related ministries on June 21 to discuss the banking regulator’s new norms on stressed assets in relation with power projects, as directed by the Allahabad High Court.

The meeting is likely to be attended by officials of ministries of power, oil and finance, a senior government official said. The high court had in a ruling on May 31 directed the finance ministry to hold a meeting of other stakeholders in June to find whether the issues of stressed power projects facing insolvency proceedings could be resolved.

“…action may be avoided on the basis of the impugned circular dated 12.2.2018 issued by respondent no. 2 — Reserve Bank of India addressed to all scheduled commercial banks and all-India financial institutions, against members of the petitioners association, subject to condition that the member(s) is/are not wilful defaulter(s) till the meeting is conducted by the secretary, ministry of finance, Union of India,” the high court had directed. Read More

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