Power Finance Corp moves NCLT against Rattan India to recover unpaid loans

New Delhi: State-owned Power Finance Corp (PFC) has filed an insolvency plea against Rattan India Power, formerly known as Indiabulls Power, in the National Company Law Tribunal (NCLT) to recover unpaid loans.

A two-member bench of NCLT on Tuesday adjourned the matter to 26 November as the Supreme Court has ordered status quo in insolvency pleas against power companies.

Representational image. News18

Representational image. News18

PFC has also moved insolvency plea against another firm Rattan India Nashik Power.

Rattan India, has defaulted to the tune of Rs 20,000 crore of lenders.

The group has two integrated thermal power plants at Nashik and Amravati in Maharashtra.

Passing an order on 11 September, the apex court had asked the banks not to file any insolvency cases till November when it would hear the matter.

However, the counsel appearing for PFC said that it moved NCLT on the same day before the order was passed by the apex court and it was listed for hearing on 18 September.

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Updated Date: Sep 18, 2018 12:42:36 IST

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