RBI notification on NPA status of projects under implementation

The projects which have been delayed primarily due to inadequacies of the current promoters, a change in ownership/management may be required to revive the project. RBI circular of April 6, 2015 in this regard states that banks may permit extension of Date of commencement of commercial operations (DCCO) up to a further period of two years to revive the project by the new management, in addition to the extension of DCCO permitted under existing regulations. This facility would be available to a project where a change of ownership takes place only once and will not be available during subsequent change in ownership, if any.