The insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has summarised the Supreme Courts landmark judgment that struck down the RBIs February 12 circular last year on stressed assets, raising awareness on how the apex court has dealt with the issues concerned.
The analysis brings to the fore that, on various counts as held by the apex court, the circular is ultra vires and how the constitutionality of Section 35AA and 35AB of the Banking Regulation Act 1949 has been upheld.
The IBBI has, in its website, published an analysis of the SCruling on the fate of this circular in Dharani Sugars and Chemicals Ltd vs Union of India and others.
The analysis shows that the apex court has upheld the Banking Regulation (Amendment) Act …
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