Allahabad HC denies interim relief to power cos on RBI stressed loan norms- Independent Power Producers Association of India Vs. UOI & 5 Ors.-Allahabad High Court
High Court has held that “We are of the opinion that interim relief, at this stage, need not be granted. IPPA or APP are at liberty to apply for urgent interim relief if need so arises, placing the requisite factual details on record. The Central Government shall consider initiation of the consultative process contemplated under Section 7 of RBI Act, and conclude the same within 15 days from today. The High Level Empowered Committee shall submit its report within two months from the date of its constitution. The Ministry of Power shall invite a senior representative of the RBI, after consultation with the Governor of RBI, as a member of the High Level Empowered Committee forthwith. This order shall not curtail the rights/powers of a financial creditor under Section 7 of the IBC or even of the RBI in issuing directions in specific case(s) under Section 35AA of BR Act to initiate corporate insolvency resolution process under Chapter II of Part II of IBC, in any given case, including the petitioners or members of the petitioners’ Association.”-Allahabad HC denies interim relief to power cos on RBI stressed loan norms- Allahabad High Court in the case of Independent Power Producers Association of India Vs. UOI & 5 Ors.