NIFTY 50

Stressed private power producers move Allahabad High Court to oppose resolution under NCLT

Updated : September 08, 2018 15:10:40 IST

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.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV

recommended for you