Giving great relief to electric power, sugar, shipment and other corporations, the Supreme Court Tuesday confirmed the Circular of 12th February 2018 of the Reserve Bank of India illegal, through which the RBI has failed to pay on banks from default to the electrical energy, sugar and shipping companies.
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Power Producers Association (APP) and Independent Power Producers Association of India, along with Essar Power, GMR Energy, KSK Energy, and Rattan India Power, faced its legal validity to the Supreme Court. On February 12, 2018, the RBI asked banks and other lenders to file a bankruptcy petition against the tense accounts NCLT.
In this circular, the regulator of banking sector had allowable 180 days for loan payment, in which the belongings had been asked to state the property as bankrupt against them in the National Company Law Tribunal (NCLT). Expired on August 31, 2018.
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