Supreme Court likely to delay verdict of all cases filed against RBI February 12 circular: report

Supreme Court is likely to delay the verdict of all the cases filed against the February 12 circular of the Reserve Bank of India as most cases are yet to be disclosed to the top court, Business Standard reported, citing sources.

Power companies such as Essar Power, RKM Power, Infrastructure Leasing & Financial Services, GMR Energy, Rattan India, and KSK Mahanadi, had filed cases against the circular after the Allahabad High Court did not grant relief to the industry.

The companies petitioned against the circular which asked banks to treat one-day payment failure as default and initiate insolvency proceedings for the company in 180-days.