Big setback for RBI, Supreme Court quashes February 12 circular on NPAs
New Delhi: The Supreme Court on Tuesday (April 2) quashed the Reserve Bank of India’s (RBI’s) February 12, 2018, circular on bad loan resolution above Rs 2,000 crore, declaring it unconstitutional, providing a huge relief to several stressed power and sugar companies.
On February 12, 2018, the banking regulator had issued a circular, asking lenders to refer any bad loan account over Rs 2,000 crore under the Insolvency and Bankruptcy Code (IBC) if it is not resolved within 180 days of default.
“We have declared RBI circular ultra vires,” said Justice Rohinton Fali Nariman pronouncing the judgement. Justice Nariman is accompanied by Justice Vineet Saran on the bench. The apex court verdict would impact bad loans to the tune of Rs 2.2 lakh crore.
More details are awaited.
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