Stressed power assets: RBI denies waiver for REC's Pariwartan framework

The Pariwartan framework for resolving stress in the power sector, drafted by Rural Electrification Corporation (REC), could soon be also used for assets landing in the bankruptcy court, with the public financial institution seeking banks' support on this. The move comes after the Reserve Bank of India (RBI) refused to give any concession for REC’s asset restructuring company (ARC), being planned under the framework. REC had asked the RBI to waive the mandatory subscription requirement for the ARC. Under the RBI norms, lenders have to cumulatively pay the subscription amounting.....

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