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Power Sector NPAs: RBI Bats for the IBC Route if Banks Fail to Table a Time-bound Resolution Plan

[Devansh Srivastava is a fourth-year student at NLIU Bhopal.] With the aim of resolving stressed assets in the economy, the Reserve Bank of India (RBI), in its circular dated February 12, 2018 (RBI Circular), has directed all Scheduled Commercial Banks in India other than the regional rural banks and all-India financial institutions to implement a time bound resolution plan for their non-performing assets (NPAs). The RBI Circular seeks to replace the existing framework for the resolution of stressed assets with a revised simplified framework, one which is in harmony with the Insolvency and Bankruptcy Code, 2016 (IBC). Pursuant to the said circular, banks are required to classify the stressed

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