India’s RBI lost a bad debt battle, not the war, says ugalani:
India’s Supreme Court ruled on April 2 that a central bank directive forcing defaulting firms into bankruptcy proceedings did not comply with the Banking Regulation Act.
The circular from the Reserve Bank of India, issued on Feb. 12, 2018, had required lenders to implement a resolution plan within 180 days for defaulting accounts of 20 billion rupees and above, and to file for insolvency proceedings if that failed. The plan would have required 100 percent of lenders to consent.
The finance ministry, through a report issued with its backing, had earlier argued that the “one size fits all” approach was “erroneous”. Several companies, including those in power, sugar, and shipping, had challenged the RBI move in court.
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