The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan exposure of more than 20 billion (US$290 million) where restructuring efforts failed. The lenders were directed to file applications singly or jointly under the Insolvency and Bankruptcy Code (code) within 15 days from the expiry of the 180-day deadline.
Senior partner
Hammurabi & Solomon
Following the ruling in Dharani Sugars and Chemicals Ltd v Union of India, dated 2 April 2019, the focus is now on various cases where the resolution of stressed assets for debts of more than 20 billion wer…
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