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RBI circular on insolvency quashed
New Delhi, Apr 03: The Supreme Court has quashed the Reserve Bank of India (RBI) circular of last year that pertains to the provisions for declaring a company bankrupt even on a one-day overdue.
The
bench
headed
by
Justice
R
F
Nariman
said:
"We
have
declared
the
RBI
circular
ultra
vires."
RBI's
had
on
February
12,
2018
issued
a
circular
saying
that
lenders
have
to
provide
for
resolution
plan
within
180
days
in
case
of
large
account
of
Rs
2,000
crore
and
above.
It said that if a resolution was not found by August 27, Non Performing Asset (NPA) accounts should be sent to bankruptcy courts.
However, during the pendency of the matter, the apex court on September 11 last year asked banks to maintain status quo and not to initiate insolvency proceedings against loan defaulting companies.
