The Supreme Court has refused to stay an order by the Division Bench of the Telangana High Court, which called the Reserve Bank of India's (RBI) circular on fraud classification arbitrary and illegal.
The Supreme Court has, however, allowed the parties to file replies and rejoinders and listed the matter on July 13. The SC was hearing an appeal filed against a small company that had defaulted on bank loans and its account was classified as fraud as per the RBI circulars.
But as the Telangana court stated that the classification would impact other corporate accounts too, SBI and RBI moved the apex court.
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