 "IBC, Insolvency law")
The Allahabad High Court (HC) refused on Monday to provide relief for privately-owned stressed power projects from the Reserve Bank of India’s (RBI’s) February 12 order.
The RBI circular directed lenders to undertake insolvency resolution of defaulting companies within a strict timeline. The central bank had ordered banks to identify stress even when repayments were overdue by only a day. Resolution proceedings must be completed in 180 days, a deadline that ended on Monday.
The court has, however, allowed the affected companies to try the legal route for individual grievances.
Monday’s order sets the clock ticking on 34
