RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]
4 years, 8 months ago

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]

Live Law  

The Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank, in light of the moratorium allowed by the RBI by its circular issued on March 27. While passing the interim order, the bench expressed agreement with the view expressed by another bench in the case Ananth Raj Ltd vs Yes Bank Ltd. "I also find myself in agreement with the observation of the Coordinate Bench in Anant Raj Limited that the intention of the RBI while issuing the regulatory package was to maintain status quo with regard to the classification of accounts of the borrowers as they existed on 01.03.2020", observed Justice Rekha Palli in the interim order. The Petitioner further submitted that in view of this March 27 circular issued by the RBI, whereunder a 90 days moratorium with regards to the instalments, which became payable after 01.03.2020 has been granted, the Respondent cannot declare the Petitioner's accounts as NPA only on account of its failure to pay the instalments, which were payable on or before 31.03.2020. While giving interim relief to the Petitioner, the court observed that: '.irrespective of the question, as to whether, the moratorium as envisaged by the RBI's circular dated 27.03.2020 would be applicable to the petitioner qua the instalments, which question can be determined only after completion of pleadings and considering the stand of the RBI, the fact remains that in view of the lockdown in the country as also the undisputed position that the petitioner still had time to make the payment of the due instalments till 31.03.2020, before which date on account of the lockdown and directive issued by the State Government, it has been prevented from demanding the due fees from the students of its various institutes.' While ordering that the Respondent Bank would not be declaring the Petitioner's account till the next date of hearing, the court clarified that if, meanwhile, the order prohibiting collection of fees is lifted by the State Government, the Petitioner roll have to make the payment forthwith within a period of one week.

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History of this topic

Supreme Court Issues Notice On RBI Appeal Against Kerala HC Order That Lifted Loan Restrictions Imposed On Co-Operative Bank
1 year, 5 months ago

Supreme Court Issues Notice On RBI Appeal Against Kerala HC Order That Lifted Loan Restrictions Imposed On Co-Operative Bank

Live Law  

The Supreme Court on Friday issued notice to in an appeal filed by the Reserve Bank of India, against an order of the Kerala High Court that lifted the loan restrictions imposed by it on Thiruvalla East Co-Operative Bank Ltd. A division bench of the Kerala High Court had affirmed the order of a single bench that lifted the restriction …

Bombay HC stays RBI circular allowing banks to declare fraud accounts without hearing
1 year, 6 months ago

Bombay HC stays RBI circular allowing banks to declare fraud accounts without hearing

India Today  

The Bombay High Court, on Monday, put an interim stay on the effect of the master circular issued by the Reserve Bank of India in 2016 that allows public sector and commercial banks to declare any account as a fraudulent account without a hearing. During the hearing, the bench stayed the effect of the 2016 RBI master directions on the …

Govt Servants Can’t Be Excluded from Protection of Rights Guaranteed by Part III of Constitution: Delhi HC
1 year, 7 months ago

Govt Servants Can’t Be Excluded from Protection of Rights Guaranteed by Part III of Constitution: Delhi HC

News 18  

The Delhi High Court on Thursday observed that government servants cannot be excluded from the protection of rights guaranteed by Part III of the Constitution of India and set aside the 2019 Memorandum Order that de-recognised the Central PWD Engineers Association. By virtue of Article 19 of the Constitution of India, the right to form Association or Union or Cooperative …

Supreme Court Directs Rupee Co-op Bank's Appeal Against Cancellation Of Its License To Be Decided By October 31
2 years, 3 months ago

Supreme Court Directs Rupee Co-op Bank's Appeal Against Cancellation Of Its License To Be Decided By October 31

Live Law  

The Supreme Court recently ordered that the stay granted by the Bombay High Court against the Reserve Bank of India's order cancelling the license granted to Rupee Co-Op Bank will stand restricted till October 31, 2022. The Top Court also directed that the appellate authority under Section 22 of the Banking Regulation Act 1949 shall take up the appeal for …

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court
2 years, 11 months ago

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court

Live Law  

The Karnataka High Court recently set aside the directionsissued to Reserve Bank of India by a single judge bench of the High Court directing it to monitor the implementation of Covid-19 package announced on March 27, 20202, by which RBI had allowed Banks to declare a three-month moratorium on all term loans, outstanding as on March 1, 2020. Senior Advocate …

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks
3 years, 4 months ago

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks

Live Law  

The Madhya Pradesh High Court has stayed a circular issued by the Reserve Bank of India on June 25 which laid down several conditions related to Urban Coopeartive Banks.A division bench comprising Chief Justice Mohammad Rafiq and Justice Vijay Kumar Shukla passed the interim order on September 3 while issuing notice on a writ petition filed by Mahanagar Nagrik Sahkari …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 7 months ago

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs

Live Law  

Supreme Court has been moved by two Companies seeking punishment to contemners for flouting the top Court's order dated 3rd Sept 2020 whereby it had declared that " accounts which were not declared NPA till 31st August 2020 shall not be declared NPA till further orders " The petitions have been filed by Advocate Vishal Tiwari and Advocate Abhigya. The …

RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court
3 years, 9 months ago

RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court

Live Law  

The Calcutta High Court has held that th Reserve Bank of India is "State" under Article 12 of the Constitution and thus, a writ petition is maintainable against it. The Single Bench ruled, "Since the Reserve Bank of India is an instrumentality of the State, it comes squarely within the meaning of "State" as contemplated in Article 12 of the …

Delhi High Court Seeks RBI, Centre, DHFL Response On Plea Against Rules Allowing NBFCs Resolution Under IBC
3 years, 11 months ago

Delhi High Court Seeks RBI, Centre, DHFL Response On Plea Against Rules Allowing NBFCs Resolution Under IBC

Live Law  

The Delhi High Court has sought responses of inter alia, the Centre, the Reserve Bank of India and Dewan Housing Finance Corporation Ltd on a writ petition challenging the constitutional validity of the Insolvency and Bankruptcy Rules, 2019, and a notification by the Union. The Delhi High Court has sought responses of inter alia, the Centre, the Reserve Bank of …

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act
3 years, 11 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law  

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms
4 years ago

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms

Live Mint  

The Delhi high court on Wednesday directed the State Bank of India and the Reserve Bank of India to maintain status quo concerning the accounts of Anil Ambani’s Reliance Communications Ltd, Reliance Telecom and Reliance Infratel. A petition by RCom’s former director Punit Garg has challenged certain vires of RBI circular 2016 on the classification of the accounts as fraud. …

Delhi High Court Issues Notice To Jindal Steel And Power On RBI Appeal Against Order On Transfer Of $300 mln To Mauritius Subsidiary
4 years ago

Delhi High Court Issues Notice To Jindal Steel And Power On RBI Appeal Against Order On Transfer Of $300 mln To Mauritius Subsidiary

Live Law  

A vacation bench of Justice Vibhu Bakhru and Justice Prateek Jalan has issued notice to Jindal Steel and Power Ltd on an appeal by the Reserve Bank of India against an earlier order of the Delhi High Court directing it to reconsider JSPL's application to transfer $300 mln to its Mauritius subsidiary. RBI has moved the court through a Letter …

Delhi High Court Directs RBI To Reconsider Jindal Steel And Power Ltd Application To Remit $300 mln To Mauritius Subsidiary
4 years, 1 month ago

Delhi High Court Directs RBI To Reconsider Jindal Steel And Power Ltd Application To Remit $300 mln To Mauritius Subsidiary

Live Law  

The Delhi High Court today remanded to the Reserve Bank of India, an application by Jindal Steel and Power Ltd to transmit $300 million to its wholly owned subsidiary Jindal Steel and Power Ltd. Directing the central bank to reconsider its decision on JSPL's application, the court noted that the RBI's order dated 30.12.2019, vide which it had rejected JSPL's …

Bombay High Court Rejects Pvt Company's Plea Challenging Declaration Of Account As NPA By IL&FS Subsidiaries [Read Judgment]
4 years, 2 months ago

Bombay High Court Rejects Pvt Company's Plea Challenging Declaration Of Account As NPA By IL&FS Subsidiaries [Read Judgment]

Live Law  

The Bombay High Court while rejecting a writ petition filed by a private company against declaration of loan account as Non-Performing Asset over a 100 crore loan taken from two subsidiaries of IL&FS observed that this was not a case of an innocent individual investor and the petitioner's conduct is contrary to ordinary commercial prudence. IFIN informed the petitioner on …

RBI seeks vacation of SC stay on classification of NPA accounts
4 years, 2 months ago

RBI seeks vacation of SC stay on classification of NPA accounts

Live Mint  

The Reserve Bank of India has informed the Supreme Court that its order staying the classification of non-performing asset accounts will have huge implications for the banking system if it is not lifted immediately. In response to a plea seeking extension of moratorium beyond 31 August, the government said the moratorium was part of an immediate regulatory response and that …

Can Banks Continue SARFAESI Proceedings With Respect To Loan Accounts Declared As NPA Prior To Lockdown? Kerala HC Seeks Response From Centre,State [Read Order]
4 years, 3 months ago

Can Banks Continue SARFAESI Proceedings With Respect To Loan Accounts Declared As NPA Prior To Lockdown? Kerala HC Seeks Response From Centre,State [Read Order]

Live Law  

The Kerala High Court has sought response from the Central Government about the banks' plea seeking permission to continue SARFAESI proceedings with respect to loan accounts which were declared as NPA prior to the declaration of lockdownThe Full bench comprising the Chief Justice S. Manikumar, Justices CT Ravikumar and Shaji P. Chaly was considering an application filed by State Bank …

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court
4 years, 4 months ago

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court

News 18  

The Supreme Court Thursday directed that accounts, which were not declared as non-performing asset till August 31 this year, shall not be declared NPA till further orders. In view of the above, the accounts which were not declared NPA till August 31, 2020 shall not be declared NPA till further orders, said the bench, also comprising Justices R S Reddy …

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC
4 years, 4 months ago

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC

Live Mint  

The Supreme Court of India on Thursday passed an interim order saying that the accounts not declared as non-performing asset as on 31 August shall not be declared as NPAs till further notice. The apex court on Thursday heard a batch of petitions seeking interest waiver on loan moratorium granted by Reserve Bank of India. While arguing whether banks should …

Writ Petition Maintainable Against Private Bank For Enforcement Of RBI Circular On Loan Moratorium : Karnataka HC [Read Order]
4 years, 5 months ago

Writ Petition Maintainable Against Private Bank For Enforcement Of RBI Circular On Loan Moratorium : Karnataka HC [Read Order]

Live Law  

The Karnataka High Court on Wednesday ruled that a writ Petition under Article 226 of the Constitution of India is maintainable against private banks as regards implementation of the loan moratorium announced by the Reserve Bank of India in the wake of lockdown. "What is to be seen here is whether the prayers sought for by the Petitioner for implementation …

Steps Taken By RBI Are For The Benefit Of Depositors; Bombay HC Refuses To Stay RBI's Decision To Cancel CKP Co-Operative Bank's License [Read Order]
4 years, 6 months ago

Steps Taken By RBI Are For The Benefit Of Depositors; Bombay HC Refuses To Stay RBI's Decision To Cancel CKP Co-Operative Bank's License [Read Order]

Live Law  

The Bombay High Court last week refused to stay the decision of the Reserve Bank of India to cancel the license of CKP Co-operative bank and observed that the steps taken by the central bank are in the interest of depositors. Division bench of Justice Nitin Jamdar and Justice SP Tavade were hearing two writ petitions filed by Vishwas Utagi …

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]
4 years, 7 months ago

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]

Live Law  

Delhi High Court has directed the Reserve Bank of India and the Central Government to appreciate the difficulties faced by the senior citizens with respect to moratorium on withdrawal from Punjab & Maharashtra Bank and decide the same in accordance with law, rules, regulations and government policy. The order has come in a PIL filed by Bejon Kumar Mishra highlighting …

Loan moratorium: Supreme Court directive to Centre, RBI
4 years, 7 months ago

Loan moratorium: Supreme Court directive to Centre, RBI

The Hindu  

The Supreme Court on Tuesday directed the Central government and the Reserve Bank of India to file their formal response to a petition challenging the charging interest rate on loans even during the three-month moratorium declared amid the COVID-19 pandemic and national lockdown. The petitioner, Gajendra Sharma, said though there was a moratorium on loans, there is also accrual of …

Plea Seeking Extension of The Benefits Of RBI Circular on Loan Moratorium To All NBFCs: SC Issues Notice
4 years, 7 months ago

Plea Seeking Extension of The Benefits Of RBI Circular on Loan Moratorium To All NBFCs: SC Issues Notice

Live Law  

The Supreme Court has issued notice to the Centre and Reserve Bank of India in a plea by The Confederation of Real Estate Developers' Associations of India which sought for clarification regarding whether all NBFCs were eligible for loan moratorium or whether banks had the discretion to give the benefit. On March 27, in wake of the COVID-19 pandemic and …

Lawyers File Petition In Nagpur Against Revised Lockdown Order; Bombay HC Issues Notice To Union, State & Civic Body [Read Petition]
4 years, 8 months ago

Lawyers File Petition In Nagpur Against Revised Lockdown Order; Bombay HC Issues Notice To Union, State & Civic Body [Read Petition]

Live Law  

While hearing a writ petition filed by five lawyers from Nagpur seeking quashing of the revised lockdown order issued by the Nagpur Municipal Commissioner on May 3 calling it illegal, Bombay High Court on Tuesday issued notice to the Union of India, the State government and the Municipal Commissioner. In the said COVID-19 Regulation, the 'Empowered Officer' is defined under …

Coronavirus | Supreme Court directive to RBI on loan repayment moratorium
4 years, 8 months ago

Coronavirus | Supreme Court directive to RBI on loan repayment moratorium

The Hindu  

The Supreme Court on Thursday asked Reserve Bank of India to ensure that the central bank’s March 27 circular directing banks and financial institutions to provide borrowers a three-month moratorium on loan repayments is implemented in “letter and spirit” amid the COVID-19 pandemic. “We direct Reserve Bank of India to ensure the implementation of the circular dated March 27, 2020 …

Lockdown : Delhi HC Freezes NPA Classification Taking Note Of RBI Advisory On Moratorium [Read Order]
4 years, 8 months ago

Lockdown : Delhi HC Freezes NPA Classification Taking Note Of RBI Advisory On Moratorium [Read Order]

Live Law  

The Delhi High Court has restrained YES Bank from declaring a loan account as a 'Non Performing Asset' for non payment of installment due to unprecedented circumstances brought about by COVID19 pandemic. Following the order passed in the case Anant Raj Ltd vs Yes Bank Ltd, the Single Bench of Justice Hari Shankar held that the Petitioner was entitled to …

No Contempt Against Enforcement Of Lockdown Measures: Delhi HC Dismisses Plea With Rs.10000 Cost To Be Paid To "PM Cares"Fund [Read Order]
4 years, 8 months ago

No Contempt Against Enforcement Of Lockdown Measures: Delhi HC Dismisses Plea With Rs.10000 Cost To Be Paid To "PM Cares"Fund [Read Order]

Live Law  

The Delhi High Court on Wednesday imposed costs on a charitable trust seeking extension of validity of the passes issued to it for movement during the lockdown for distributing essential commodities. "It is not for the petitioner to treat itself as an "appropriate mechanism" for supply of essential commodities," the court held. The Civilian Welfare and Development Trust had filed …

90-Day NPA Norm Shall Exclude Moratorium Period For Accounts Which Were Standard As On March 1 : RBI Governor [Read Statement]
4 years, 8 months ago

90-Day NPA Norm Shall Exclude Moratorium Period For Accounts Which Were Standard As On March 1 : RBI Governor [Read Statement]

Live Law  

The Reserve Bank of India Governor announced on Friday that the moratorium permitted by it on March 27 due to COVID-19 situation can be excluded from the 90-day period for Non Performing Assets classification of accounts which were standard as on March 1. "It has been decided that in respect of all accounts for which lending institutions decide to grant …

Bombay HC Orders Exclusion Of Lockdown Duration From 90-Days Period For NPA Declaration [Read Order]
4 years, 8 months ago

Bombay HC Orders Exclusion Of Lockdown Duration From 90-Days Period For NPA Declaration [Read Order]

Live Law  

The Bombay High Court has passed an interim order that the lockdown period must be excluded from computing the 90 day period for declaring a loan account as Non-Performing Asset.The loan account was already on default on March 1, 2020, the date from which the moratorium advised by the Reserve Bank of India as part of COVID-19 relief package is …

Indiabulls Moves Delhi HC Against SIDBI, Says Loan Installments Can't Be Demanded In Light of Moratorium Imposed by RBI [Read Order]
4 years, 8 months ago

Indiabulls Moves Delhi HC Against SIDBI, Says Loan Installments Can't Be Demanded In Light of Moratorium Imposed by RBI [Read Order]

Live Law  

Indiabulls Commercial Credit Limited has moved the Delhi High Court challenging the demands for loan installments made by Small Industries Development Bank of India. He further submitted that the loan instalment of Rs.31,94,79,453/- for the month of March was duly paid on 09.03.2020, whereafter due to the onset of the pandemic of COVID19 and the subsequent lockdown in the country, …

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]
4 years, 9 months ago

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]

Live Law  

The Delhi High Court has held that the advisory issued by Reserve Bank of India on moratorium on loans in the wake of COVID-19 pandemic is applicable even to loans which were on default as on March 1, 2020.On this premise, the Court restrained Yes Bank from classifying a loan, which was on default since January 1, as Non Performing …

Delhi HC Restores 'Status Quo Ante' With Respect To Loan Classified As NPA By Yes Bank Amid COVID-19 [Read Order]
4 years, 9 months ago

Delhi HC Restores 'Status Quo Ante' With Respect To Loan Classified As NPA By Yes Bank Amid COVID-19 [Read Order]

Live Law  

The Delhi High Court has held that YES Bank should not have classified a loan account as Non Performing Asset when delay in payment of installments was caused due to the conditions brought about by the effects of COVID19. Accordingly, status quo ante is restored qua the classification of the account of petitioner and the account classification as it stood …

Supreme Court sets aside RBI ban on cryptocurrency transactions
4 years, 10 months ago

Supreme Court sets aside RBI ban on cryptocurrency transactions

The Hindu  

The Supreme Court on March 4 set aside an April 6, 2018, circular of the Reserve Bank of India prohibiting banks and entities regulated by it from providing services in relation to virtual currencies. “Till date, RBI has not come out with a stand that any of the entities regulated by it namely, nationalised banks/scheduled commercial banks/cooperative banks/NBFCs, have suffered …

[Updated] SC Quashes RBI Ban On Banking Services To Cryptocurrency Dealers [Read Judgment]
4 years, 10 months ago

[Updated] SC Quashes RBI Ban On Banking Services To Cryptocurrency Dealers [Read Judgment]

Live Law  

In a significant judgment, the Supreme Court on Wednesday lifted the curbs imposed by the Reserve Bank of India on regulated entities such as banks and NBFCs from dealing with virtual currencies and from providing services to crypto businesses.The Court held that the RBI's circular, which prevented regulated entities from providing banking services to those engaged in. In a significant …

NCLT Admits RBI's Petition Seeking Initiation Of Corporate Insolvency Resolution Process Against DHFL [Read Order]
5 years, 1 month ago

NCLT Admits RBI's Petition Seeking Initiation Of Corporate Insolvency Resolution Process Against DHFL [Read Order]

Live Law  

The National Company Law Tribunal on Tuesday admitted a petition filed by the Reserve Bank of India seeking to initiate Corporate Insolvency Resolution Process against the crisis hit Dewan Housing Finance Corporation Ltd, a Financial Service Provider under the Insolvency & Bankruptcy Code, 2016. NS Venkatesh, Chief Executive, Association of Mutual Funds in India RBI had enclosed several evidences to …

What steps taken to help PMC Bank depositors, Bombay HC asks RBI
5 years, 2 months ago

What steps taken to help PMC Bank depositors, Bombay HC asks RBI

Live Mint  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed …

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November
5 years, 2 months ago

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November

Firstpost  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank Mumbai: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of …

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
5 years, 8 months ago

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS

Firstpost  

Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS Mumbai: Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to …

RBI’s revised guidelines for resolution of stressed assets likely before May 23
5 years, 8 months ago

RBI’s revised guidelines for resolution of stressed assets likely before May 23

Live Mint  

New Delhi: The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on issuance of a revised framework for resolution of stressed assets by the Reserve Bank of India and the guidelines are expected to be announced before May 23, sources said. Against the backdrop of the Supreme Court quashing an RBI circular, issued …

RBI wants banks to disclose IL&FS NPAs, provisions in their Q4 results
5 years, 8 months ago

RBI wants banks to disclose IL&FS NPAs, provisions in their Q4 results

Live Mint  

Mumbai: The Reserve Bank of India on Wednesday asked banks to disclose their exposure to Infrastructure Leasing and Financial Services Ltd, and its group entities, in their notes to financial statements. In a notification, RBI said banks must disclose details, including total amount of exposure that are non-performing assets as per Income Recognition and Asset Classification norms, but not classified …

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment
5 years, 9 months ago

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment

Live Law  

The Supreme Court of India in the matter of Dharani Sugars & Chemical Ltd Vs. Union of India struck down Circular dated 12th February 2018 issued by RBI as ultra vires of section 35AA of the Banking Regulation Act, 1949. The Supreme Court analyzed the scope of power of RBI under Section 35 AA of the BR Act and held …

RBI Feb 12 circular quashed. All eyes now on monetary policy
5 years, 9 months ago

RBI Feb 12 circular quashed. All eyes now on monetary policy

Live Mint  

Mumbai/New Delhi: The Supreme Court on Tuesday quashed RBI's 12 February circular that had set strict norms for bad loan resolution, easing the concerns of some debt-laden companies and upending India’s fledgling bankruptcy process. The RBI circular directed banks to refer defaulters to bankruptcy courts if they were unable to find a resolution plan within 180 days for stressed accounts …

SC order quashing RBI circular to give relief to power companies but delay bankruptcy proceedings
5 years, 9 months ago

SC order quashing RBI circular to give relief to power companies but delay bankruptcy proceedings

Hindustan Times  

The Supreme Court order quashing a Reserve Bank of India circular on resolving bad debt will provide relief to power companies and lenders as well as flexibility to restructure debts but will slowdown bankruptcy proceedings, experts said Tuesday. The Supreme Court on Tuesday quashed RBI’s February 12 circular, which prescribed rules for recognising one-day defaults by large corporates and initiating …

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal
5 years, 9 months ago

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal

Firstpost  

Last month, the RBI had maintained that there was no dilution in its stand with regard to 12 February circular on stressed assets recognition and resolution. In a major relief to stressed power, sugar and infrastructure firms, the Supreme Court on Tuesday quashed the Reserve Bank of India’s 12 February, 2018 circular on bankruptcy proceedings and declared it ultra vires_,_ …

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