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Power companies withdraw their petition against RBI circular from Allahabad HC

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Essar Power, GMR Energy and RattanIndia Power have withdrawn their petition against the Reserve Bank of India (RBI) on February 12 order, multiple sources said.

Essar Power, GMR Energy and RattanIndia Power have withdrawn their petition against the Reserve Bank of India (RBI) on February 12 order, multiple sources said.
The power companies had approached the Allahabad High Court seeking an extension of deadline to refer their plants to insolvency court by 60-90 days for completing the ongoing resolution process.
It was not immediately clear as to why these power firms decided to withdraw suit against the RBI.
RKM Powergen and IL&FS Energy are challenging the RBI order in the Chennai High Court to prevent their projects getting referred in the National Company Law Tribunal (NCLT) and their matters have been listed for hearing on Monday, sourses said.
Punj Lloyd has also approached Delhi High Court for the same purpose, said sources.
According to the central bank’s revised framework for the resolution of stressed assets, now popularly referred to as the February 12 circular, banks were given 180 days to resolve defaulting accounts of over Rs 2,000 crore.
The new rule mandates lenders to initiate insolvency resolution under the Bankruptcy Code, if a resolution plan is not approved even at the end of the 180 days of first default.
For the corporates, who were delayed in their repayment to lenders when the circular was issued, the 180-day deadline started on March 1 and ended on August 27.

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