Supreme Court quashes RBI circular on insolvency issued last year
New Delhi: 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: "We have declared the RBI circular ultra vires."
Reserve Bank of India'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.
It said that if a resolution was not found by August 27, Non Performing Asset (NPA) accounts should be sent to bankruptcy courts.
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.
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Hindus have consolidated, BJP will cross 135 seats in WB: Suvendu Adhikari after early trends
Kolkata: Suvendu Adhikari on Monday said he was confident that the Bharatiya Janata Party would form the government in West Bengal as early counting trends began to emerge.
Speaking after initial trends in the ongoing vote counting, Adhikari said the party was expecting to win more than 135 seats in the state.
He also claimed that Hindu votes had consolidated in favour of the BJP, which, according to him, would translate into victory for the party.
Counting of votes is currently underway, and official results are awaited.
