The Reserve Bank of India (RBI) has amended its earlier order asking banks to initiate bankruptcy proceedings against 12 companies which have outstanding loans amounting to over Rs 5,000 crore as on March 2016.
The amendment, made through a notification, comes after the Gujarat High Court asked the RBI to remove the stipulation on its order last month that the 12 non-performing assets (NPAs), or bad loans, would be granted priority at the National Company Law Tribunal. Essar Steel, one of the 12 large NPAs identified by the RBI, had approached the Gujarat High Court for the RBI proceedings.
Important Takeaways from Above News-
- RBI Headquarters in Mumbai.
- The 24th Governor of RBI is Dr. Urjit Patel.
Source- Business Standard