A two-judge bench led by Justice RF Nariman is hearing a clutch of petitions challenging several provisions of the IBC as arbitrary and discriminatory.

The total burden on MP exchequer is expected to be Rs 35,000 crore to Rs 38,000 crore. But this kind of waivers cannot happen in a year given the size of the annual budget.

The IL&FS group has debt worth Rs 90,000 crore on its books. The stock rose 5% to Rs 11.55 level on the BSE compared to its previous close of 11 level.

The new governor said that the autonomy of the central bank would be preserved, along with constructive dialogue.

Weighed down by the development, shares of Naresh Goyal-led company declined as much as 4.55 per cent to touch an intra-day low of Rs 248.10 apiece on the Bombay Stock Exchange, after making negative opening at Rs 253.80 against previous closing of Rs 259.95.