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SC writes off RBI's February 12 circular on resolution of stressed assets

The judgment was a great relief for the aggrieved companies, which were battling an outstanding debt of Rs 3.8 trillion

Topics
Supreme Court  |  Bad Loans  |  Npa Crisis

Aashish Aryan & Anup Roy 

The Supreme Court on Tuesday annulled the Reserve Bank of India’s (RBI’s) February 12 circular on resolving bad debt and said the banking regulator had acted beyond its legal powers while issuing the directive, potentially inflicting a setback on the central bank’s war on non-performing assets (NPAs).

The February 12 circular had asked lenders to institute a board-approved policy for the resolution of stressed assets. Banks were told to start the resolution process as soon as a borrower defaulted on a term loan and were given 180 days to cure it, failing which the ...

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First Published: Tue, April 02 2019. 10:39 IST
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