Corporate debt recast package finalised

The Government and the Reserve Bank of India (RBI) have finalised the corporate debt restructuring (CDR) system under which a Rs 20-crore floor limit has been set for aggregate exposure of banks and financial institutions (FI) for a corporate to be entertained for restructuring. The final CDR package has been recently cleared by the Ministry of Finance and has been sent to the RBI for circulation among banks and FIs.

Dabhol files SLP in apex court

Dabhol Power Company (DPC) today filed a Special Leave Petition (SLP) in the Supreme Court challenging the jurisdiction of the Maharashtra Electricity Regulatory Commission (MERC) to resolve its dispute with the State electricity board, DPC spokesperson has confirmed. The Mumbai High Court had, on June 26, dismissed DPC's writ petition challenging MERC jurisdiction. Without taking a view on the question of jurisdiction itself, an HC Division Bench headed by Mr Justice A.P. Shah, had directed MERC to decide the question of jurisdiction within six weeks.

DoT challenges jurisdiction of appellate tribunal

The Department of Telecommunications (DoT) has challenged the jurisdiction of the Telecom Dispute Settlement Appellate Tribunal (TDSAT) on matters relating to the spectrum charges. At a hearing on a petition by the cellular operators calling for a change in the spectrum pricing, DoT today filed an application stating that it "would not be required to file its response as TDSAT did not have any jurisdiction in this matter." DoT has drawn the attention of the tribunal to an Arbitration Clause in the licence agreements of the cellular operators and has demanded that the issue be referred to an independent arbitrator.

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