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Supreme Court strikes down RBI's February 12 circular on resolution of stressed assets

Updated : April 02, 2019 11:35 AM IST

The circular had imposed a one-day default rule. Banks have to treat a company as a defaulter even if it misses repayment schedule by a day.
The February 12 circular had directed lenders to refer any loan account over Rs 2,000 crore under the Insolvency and Bankruptcy Code (IBC) if it is not resolved within 180 days of default. This translates the RBI allowed 180 days for debt resolution.

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