Stressed private power producers have moved to the Allahabad High Court to oppose resolutions under NCLT. This comes a day after banks under Samadhan had taken a U-turn.
Essar Power, GMR, and Rattan India have moved Allahabad High Court against settlement under Insolvency and Bankruptcy Code (IBC). They have sought extension of about 60-90 days as deadline of Reserve Bank of India’s (RBI) February 12 notification has ended on August 27 and within 15 days the lenders have to approach and file an application under IBC.
About 34 stressed assets were identified by the government of India, out of which 7 are already resolved, but others will have to go through NCLT process.