India's Supreme Court on Tuesday quashed a Reserve Bank of India circular o...
A woman checks her mobile phone inside the premises of the Supreme Court in New Delhi, India, September 28, 2018. REUTERS/Anushree Fadnavis
The Supreme Court said the RBI’s circular from Feb. 12 last year on how banks should handle defaulters was unconstitutional and “ultra vires”, essentially meaning that the central bank has acted beyond its powers.The circular directed banks unable to agree upon a resolution plan with any defaulter within 180 days to drag the defaulter into a time bound insolvency process.
The ruling gives relief to several companies, especially power companies, who have defaulted on loans due to fuel shortages, or issues tied to power purchase agreements with state governments.But some bankers fear the ruling may result in increased wrangling between banks and borrowers around soured loans and dent bankruptcy reforms.
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