IL&FS to RKM Power, six stressed power projects move courts to buy time

Sources said SBI AND PNB had separately written to the RBI seeking more time for getting consensus of other lenders on a resolution plan for the stressed power assets

To avoid insolvency proceedings, six stressed power projects, which claim to be in the last lap of resolution, have moved courts seeking extension of the September 11 deadline.

While RKM Power and IL&FS have approached Chennai High Court, Essar (Mahan), GMR (Raikheda), RattanIndia for its Nashik and Amravati projects, and KSK Mahanadi have submitted petitions in the Allahabad HC. These assets have said documentation work and final touches to regulations governing their resolution plans would need time and, hence, they are looking for interim relief. 

According to the February 12 circular of the Reserve Bank of India (RBI) under the