Allahabad High Court to hear power firms' plea on stressed assets today
The Allahabad High Court on Tuesday hears the power firms' plea on stressed assets.
On June 1, the court has stayed the Reserve Bank of India's (RBI) February 12 circular's operation in the power sector.
The RBI, in a circular, directed banks to classify even one-day delay in debt servicing as default and asked lenders to put a resolution plan in place within 180 days of default for accounts where the exposure exceeds Rs 2,000 crore.
In the power sector, 34 projects with the capacity of more than 40,000 MW are classified as ‘stressed’, according to the Department of Financial Services.
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