Allahabad High Court refuses to give interim relief to power firms
In a body blow for the power sector, the Allahabad high court on Monday refused to give any interim relief to firms facing the bankruptcy tribunal. The 180-grace period granted by the RBI ended today.
Banks were trying to come up with a resolution plan for these firms as going to the NCLT would mean large haircuts. Almost three-fourths of the Rs 3.8 lakh crore-worth stressed assets are power companies which had dragged the central bank to the Allahabad High Court.
Last week, ..