SC reserves its orders on the matterThe central bank will not comment on the specific details since the matter is sub-judice and the Supreme Court has reserved its orders on the matter, it said.
"It is reiterated that the Reserve Bank maintains its stand on all aspects of the Framework as has been consistently articulated in its communications, including the clarification given during the post-monetary policy press conference on February 7, 2019,"In February, RBI Governor Shaktikanta Das said there would be no changes in the circular. The circular directed banks to refer any loan account more than Rs 2,000 crore under the Insolvency and Bankruptcy Code (IBC) if there is no resolution within 180 days of default. Scrapping all past mechanisms, it also underlined IBC’s status as the basis of the bad loan resolution framework. The Feb 12 circular imposed a one-day default rule. Even if a company misses repayment schedule by a day, lenders have to treat it as a defaulter. However, these harsh norms have been criticised in various quarters, including by a parliamentary committee.