{"id":55880,"date":"2019-04-02T16:24:56","date_gmt":"2019-04-02T10:54:56","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=55880"},"modified":"2019-04-02T16:24:56","modified_gmt":"2019-04-02T10:54:56","slug":"supreme-court-quashes-rbi-circular-on-insolvency-issued-last-year","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/supreme-court-quashes-rbi-circular-on-insolvency-issued-last-year","title":{"rendered":"Supreme Court quashes RBI circular on insolvency issued last year"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"260\" height=\"194\" data-attachment-id=\"55883\" data-permalink=\"https:\/\/www.legalindia.com\/news\/supreme-court-quashes-rbi-circular-on-insolvency-issued-last-year\/rbi-circular-on-insolvency\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?fit=260%2C194&amp;ssl=1\" data-orig-size=\"260,194\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"RBI circular on insolvency\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?fit=260%2C194&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?fit=260%2C194&amp;ssl=1\" class=\"alignleft size-full wp-image-55883\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?resize=260%2C194&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?w=260&amp;ssl=1 260w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/04\/RBI-circular-on-insolvency.jpg?resize=134%2C100&amp;ssl=1 134w\" sizes=\"auto, (max-width: 260px) 100vw, 260px\" \/><\/a>The Supreme Court Tuesday quashed the RBI circular of last year that pertains to the provisions for declaring a company bankrupt even on a one-day overdue.<\/p>\n<p>The bench headed by Justice R F Nariman said: &#8220;We have declared the RBI circular ultra vires.&#8221;<\/p>\n<p>Reserve Bank of India&#8217;s (RBI) 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.<\/p>\n<p>It said that if a resolution was not found by August 27, Non Performing Asset (NPA) accounts should be sent to bankruptcy courts.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court Tuesday quashed the 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: &#8220;We have declared the RBI circular ultra vires.&#8221; Reserve Bank of India&#8217;s (RBI) had on February 12, 2018 issued a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55883,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1954],"tags":[44390],"class_list":["post-55880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-profile-cases","tag-rbi-circular-on-insolvency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supreme Court quashes RBI circular on insolvency issued last year - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Supreme Court Tuesday quashed the RBI circular of last year that pertains to the provisions for declaring a company bankrupt even on a one-day - Get the latest legal news from the Supreme Court, High Courts, and government. 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It also questioned the functioning of the central bank. The bench of Justice S G\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Gujarat HC raps RBI for giving directions to NCLT","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/gujrat-hc.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":55267,"url":"https:\/\/www.legalindia.com\/news\/sc-upholds-insolvency-code-says-defaulters-paradise-is-lost","url_meta":{"origin":55880,"position":1},"title":"SC upholds Insolvency code, says defaulters&#8217; paradise is lost","author":"Legal India Admin","date":"January 26, 2019","format":false,"excerpt":"\"The defaulters' paradise is lost\" and the economy's rightful position has been regained, the Supreme Court said Friday as it upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) in its entirety. The top court lauded the working of the IBC and said, \"The flow of financial resource\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/01\/sc-1-300x143.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":59571,"url":"https:\/\/www.legalindia.com\/news\/rbi-moratorium-sc-agrees-to-hear-plea-seeking-interest-waiver-on-loans-during-lockdown","url_meta":{"origin":55880,"position":2},"title":"RBI moratorium: SC agrees to hear plea seeking interest waiver on loans during lockdown.","author":"Legal India Admin","date":"May 8, 2020","format":false,"excerpt":"Supreme Court on Friday agreed to hear a plea seeking interest waiver on outstanding loan payments for the period of the nationwide lockdown and to widen the Reserve Bank of India's (RBI) March 27 circular. Consequently, the apex court has issued a notice to the central government and to RBI\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/10\/RBI-Logo.jpeg?fit=300%2C226&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":59609,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-nudges-rbi-to-examine-if-moratorium-circular-is-being-implemented-in-letter-and-spirit","url_meta":{"origin":55880,"position":3},"title":"Supreme Court nudges RBI to examine if moratorium circular is being implemented in &#8216;letter and spirit&#8217;.","author":"Legal India Admin","date":"May 11, 2020","format":false,"excerpt":"Supreme Court has requested the Reserve Bank of India (RBI) to check and verify if the March 27 circular, directing for a moratorium on loan installments, was being implemented in \u201cletter and spirit\u201d. 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