RBI defends Feb 12 circular in SC, says no plan submitted by companies yet

Reiterating its stand on the February 12 circular, the Reserve Bank of India (RBI) on Tuesday said that the stressed accounts which were affected had not yet come up with a resolution plan, despite ample time having been given to them. In its submissions before the Supreme Court (SC), the regulator said that if the companies were ready with a plan, they should place it before the court.

“Let them place the plan before the court. The banks are here and they can consider it. We can give 15-30 days,” the counsel appearing for RBI said. The banking sector regulator was