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

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

Press Trust of India September 18, 2018 12:42:36 IST
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.

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

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.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

SC seeks Centre's response on PIL to regulate content on streaming platforms by autonomous body
Entertainment

SC seeks Centre's response on PIL to regulate content on streaming platforms by autonomous body

A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian issued notices to the central government, I&B Ministry, and Internet and Mobile Association of India for the creation of an autonomous body monitoring OTT content.

Extension of loan moratorium period by six months may affect overall credit discipline, RBI tells SC
India

Extension of loan moratorium period by six months may affect overall credit discipline, RBI tells SC

In an affidavit, the RBI has said that a long moratorium period could also increase the risks of delinquencies after resumption of scheduled payments

SC adjourns hearing after non-appearance of lawyer on PIL seeking court-monitored CBI probe in Disha Salian's death
India

SC adjourns hearing after non-appearance of lawyer on PIL seeking court-monitored CBI probe in Disha Salian's death

The Supreme Court, which was hearing a plea claiming both the deaths of Sushant Singh Rajput and his ex-manager Disha Salian are interconnected, adjourned the matter till after Dussehra holidays