Power Finance Corp (PFC) has filed an insolvency plea against Rattan India Power, formerly known as Indiabulls Power, at the National Company Law Tribunal (NCLT) to recover the unpaid loans.
A two-member Bench of NCLT on Tuesday adjourned the matter to November 26 as the Supreme Court has ordered status quo in insolvency pleas against power companies.
The apex court, had in an order passed on September 11, 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 September 18.
PFC has also moved an insolvency plea against another firm Rattan India Nashik Power. Rattan India has to pay dues worth Rs 20,000 crore. The group has two integrated thermal power plants at Nashik and Amravati in Maharashtra.