Global Economy

SC refuses RBI plea to Allahabad HC hearing on Feb 12 circular

New Delhi: The Supreme Court has refused the Reserve Bank‘s plea to stay proceedings in Allahabad high court against the
Feb 12 circular on norms for stressed assets. The apex court will on August 28 hear the banking regulator’s plea seeking transfer of all petitions filed in several high courts to Supreme Court.

In a hearing held on Aug 2 in the Allahabad high court, the government recommended extension of the RBI circular deadline by another 180 days.

On Aug 2, the government also submitted its report in the high court which informed the court about setting up of a high level empowered committee led by Cabinet Secretary P K Sinha to revive the projects. The high court asked RBI to file its responses in the next hearing to be held
on Thursday.


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