NEW DELHI: The Supreme Court will on Wednesday hear a plea by the Reserve Bank of India seeking transfer of petitions filed in several high courts against the Feb 12 circular. The matter did not come up for hearing today as all judges are in a constitution bench, sources said. The matter was earlier fixed fir hearing on Tuesday. The apex court had earlier refused the Reserve Bank's plea to stay proceedings in Allahabad high court against the Feb 12 circular on norms for stressed assets. There are over a dozen cases filed by companies and associations in various high courts against the Feb 12 circuar on stressed assets.
The Allahabad High Court had on Monday declined to give private power companies any interim relief on the circular that tightened bad loan norms. Monday was the deadline for finalising resolution plans for the stressed assets, which now face insolvency.
The court suggested the government could use a special dispensation that has never been used before to give directions to the RBI.