Mumbai: With some large stressed firms challenging RBI’s directives to banks to initiate proceedings against them under the Insolvency and Bankruptcy Code (IBC) in high courts, Reserve Bank deputy governor SS Mundra on Wednesday said nobody can be prevented from approaching the judiciary.
Last week, the Gujarat High Court had dismissed Essar Steel’s plea against RBI to start insolvency proceedings against it.
The court refused to grant any relief to the steel major on proceedings initiated against it by the State Bank of India and Standard Chartered Bank at National Company Law Tribunal (NCLT) under the IBC, indicating that all issues raised by the company should be considered by the NCLT.
“Freedom of speech is a fundame…
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