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Supreme Court puts stay on Insolvency Proceedings as per RBI February circular

<p><span style="font-size:11.0pt">Supreme court flooded with dozen of plea against RBI circular has put stay on insolvency proceedings of private power, textiles companies and ship-owners before NCLT. The Supreme Court has asked RBI to maintain status quo with regards to insolvency proceedings.</span></p> <p><span style="font-size:11pt">It would provide a big relief to power sector stressed assets and would provide bandwidth to bankers to finalize resolution plan for 13 GW which were headed to NCLT for insolvency.</span></p>