Allahabad High Court to hear case against RBI circular on Tuesday

The Allahabad High Court will on Tuesday hear a case filed by power companies against the Reserve Bank of India’s February 12 circular on stressed assets.

The court on August 2 sought the RBI's response to the government's recommendation for extending the deadline for completing the resolution proceedings for stressed assets by 180 days. The central bank had set an August 27 deadline to complete the process.

On Thursday, the central bank maintained its stand on the revised rules for stressed assets and stuck to the August 27 deadline.