RBI Tweaks Circular On 12 Big Stressed Accounts
By Team Legistify / 2017-07-12

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The Reserve Bank of India has made changes to its circular which identified twelve large stressed accounts, and had asked the National Company Law Tribunal (NCLT) to accord priority to the resolution of these accounts.

The change was made after the Gujarat High Court questioned the statement made by the RBI as part of its June 13 circular. On Friday, the court asked the RBI to delete the statement from its press release.

The third line of paragraph no. 5 of the Press Release, which reads as follows: 5. ...Such cases will be accorded priority by the National Company Law Tribunal (NCLT). stands deleted.

RBI Corrigendum, On July 9

It added that all other contents of the RBI’s press release remain unchanged.

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