SC quashes RBI rules for cos defaulting on loans

Supreme Court says RBI's February 12 circular on defaulting companies is illegal.The Supreme Court has struck down a controversial RBI circular that mandated banks to immediately resolve all bad loans above Rs 2000 crore or file for insolvency resolution under the IBC. The circular asked banks to either resolve or file for insolvency taking away their discretion to not to act on bad loans.
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