In a temporary relief to stressed assets, the Supreme Court on Tuesday asked banks not to refer any case for insolvency under the February 12 circular of the Reserve Bank of India (RBI) for the next two months.
The apex court also transferred to itself all cases challenging the notification. The next hearing has been fixed for November 14.
Besides stressed power assets, shipping and sugar companies had also sought relief from the RBI notification. Among the petitioners were Punj Lloyd, the South Indian Sugar Mills Association-Tamil Nadu, Dharani Sugar & Chemicals, the Shipyards Association of India, and the All India Bank Officers’ Confederation. Read more