Supreme Court strikes down RBI’s Feb 2018 circular on Resolution of stressed assets

Supreme Court strikes down RBI’s Feb 2018 circular on Resolution of stressed assets

• The Supreme Court has quashed the February 12, 2018 circular of RBI on Resolution of Stressed Assets.
  
• The circular gave the defaulting companies a time of 180 days to agree on a resolution plan with lenders or be taken to bankruptcy court to recover a debt of Rs 2,000 crore and above.
  
• The decision was taken by a two-judge bench headed by RF Nariman. 

Points to remember:

1. The Circular of RBI of Feb 12, 2018 was related to?
2. Time limit for stressed asset resolution as per the Circular of RBI of Feb 12, 2018?
3. Head of the bench that quashed the RBI Circular on Resolution of stressed assets