The Madras high court has granted stay on referring two stressed power projects to NCLT.
The court heard the plea of IL&FS seeking extension of deadline to refer its project to NCLT by 60-90 days. “IL&FS matter was heard today and has been listed for tomorrow. SBI has been asked to file a written submission and the court has directed there will be no action till hearing,” sources said.
In a separate case filed by RKM Powergen, the high court listed the matter for next Monday and directed no action till then.
The deadline to refer unresolved stressed plants ends Tuesday.
The resolution process for IL&FS Cuddalore 1200-mw plant has been stalled by an asset restructuring company that holds a small portion of the debt.
Lenders to RKM Powergen’s 1440-mw Ucchpinda plant in Chhattisgarh decided to restructure debt without ownership change but a last minute glitch hurdled the process.
