The Gujarat High Court order would result in all 500 non-performing assets (NPAs) identified by the Reserve Bank of India (RBI) getting equal priority, compared to the banking regulator's earlier stance that only 12 top NPAs should be given top priority by the National Company Law Tribunal (NCLT).
The order, dated July 17, reveals the RBI was caught off guard when the HC asked on what basis it was issuing directions to the NCLT, a quasi-judicial body, on giving priority to the 12 cases. When asked for records before issuing the June 13 statement the RBI said there were no
