As RBI gets tough on power companies, Supreme Court grants interim stay

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

The apex court on Tuesday halted the insolvency proceedings providing interim relief to power companies, textile companies and ship owners. The order holds the Reserve Bank of India’s February 12 mandate and recommends RBI to maintain status quo. It has further shifted all non-performing assets (NPAs) petitions from different high courts to itself. The proceeding was against defaults in textile, shipping, power and sugar sectors.

The Bankers quotation as reported by Economic Times stated that the decision will postpone the process until November 14. They appreciated the interference of supreme court owing to a temporary relief provided to them.

As per February circular, the lenders or bank had to adapt a resolution plan to sort their stressed assets of ₹2,000 crore or above within 180 days. If the bank fails it was suppose to file an insolvency application in the National Company Law Tribunal.

The Supreme Court orders grant some time to the lenders in finishing resolution proceedings for borrowers like Jhabua Power, Prayagraj, KSK Mahanadi, GMR Chattisgarh Energy.  Adani Power, JSW Energy , Vendanta Plc have been planning to utilise the opportunity by bidding in stressed power assets.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Injured Nadal pulls out of final two Laver Cup matches

Geneva, Sep 22 (IANS) US Open champion and tennis star Rafael Nadal withdrew from his matches at the Laver...

Congress, Rahul ‘playing politics’ on J&K, says Shah (Lead)

Mumbai, Sep 22 (IANS) Union Home Minister Amit Shah on Sunday attacked the Congress and its former President Rahul Gandhi in the issue of...

Chinmayanand case: In which both parties are culprits and victims

By Sanjeev Kumar Singh ChauhanShahjahanpur, Sep 22 (IANS) Call it the power of the ubiquitousness of technology. The rape and blackmail of the Shahjahanpur...

Carolina Marin caps comeback from injury with China Open win

Changzhou (China), Sep 22 (IANS) Olympic champion Carolina Marin on Sunday beat Taiwanese former world no.1 Tai Tzu Ying to win a second consecutive...

Modi to address Indian diaspora at ‘Howdy Modi!’

Houston, Sep 22 (IANS) Prime Minister Narendra Modi on Sunday would attend the mega 'Howdy Modi!' event being organised at the NRG stadium here...
- Advertisement -

More Articles Like This