Challenge Against RBI Circular On Stressed Assets By Power Companies: SC Transfers All Pending Matters Before HCs To Itself, Orders Status quo [Read Order]
The Supreme Court Bench comprising Justice RF Nariman and Justice Indu Malhotra on Tuesday directed that twelve cases pertaining to the Insolvency Proceedings under the new RBI circular pending before High Courts of Madras, Gujarat, Allahabad, and Delhi be transferred to the Apex Court. 12492 of2018 pending before the High Court of Gujarat at Ahmedabad, Civil Misc. Earlier, the Allahabad High Court had refused interim relief to private power projects from the circular, directing the Central Government to consider initiation of the consultative process contemplated under Section 7 of RBI Act, and conclude the same within 15 days. The Court had, however, clarified that the order shall not curtail the rights/powers of a financial creditor under Section 7 of the Insolvency and Bankruptcy Code or even of the RBI in issuing directions in specific case under Section 35AA of Banking Regulation Act to initiate corporate insolvency resolution process under Chapter II of Part II of IBC.
RBI’s revised guidelines for resolution of stressed assets likely before May 23
Discover Related
RBI imposes ₹5 lakh penalty on SCDCC Bank for non complying regulatory norms
Kerala High Court Monthly Digest: March 2025 [Citations: 144 - 221]
Court adjourns hearing on NCP MLA Chhagan Bhujbal's release in corruption case
Bombay High Court Weekly Round-Up: March 24 – March 30, 2025
Sebi chief warns against "sledgehammer" regulation in complex F&O market
RBI issues revised priority sector lending norms effective April 1
RBI issues revised priority sector lending norms effective April 1
IBC Cases Weekly Round Up [17th March-23rd March 2025]
Rajasthan High Court Monthly Digest: February 2025
SC stays ₹2.61cr fine, criminal action against Ghaziabad panchayat by NGT
SC asks CBI stand on plea to probe 'fraud' by Kolkata's SREI group
SC seeks CBI roadmap to unravel builder-banks nexus duping homebuyers
HRERA sentences developer to jail over failure to refund ₹26 lakh
LDA files ₹4,500-cr claim against Ansal API in NCLT
RBI Governor asks lenders to improve customer grievance redressal
Ola Electric shares hit 52-week low after insolvency petition by creditor
Power staff from across India to gather for Lucknow protest on April 9
IndusInd Bank is well-capitalised, no need for depositors to worry: RBI
Supreme Court Annual Digest 2024: Subject-Wise Index