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The Government and the Reserve Bank of India (RBI) will work together to ensure smooth implementation of the Supreme Court’s recent ruling on the RBI’s 12 February 2018 stressed assets circular, a top Finance Ministry official said.
The apex court ruling in Dharani Sugars vs Union of India and others does not impact ongoing cases or resolutions or the credit culture in the country itself, Krishnamurthy Subramanian, Chief Economic Advisor in the Finance Ministry, said on the sidelines of CII Annual Session 2019 in the capital.
Also read:Supreme Court strikes down RBI’s Feb 2018 order on stressed assets
Subramanian said that he does not see any change in Insolvency and Bankruptcy Code (IBC) Code on account of the Apex court ruling.“I don’t think it (change to IBC) should be necessitated, but it’s too early to say”, he added.
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