SC rejects tough rule on debt resolution

SC rejects tough rule on debt resolution

FILE PHOTO: The logo of Reserve Bank of India (RBI) inside its headquarters in Mumbai, India, February 7, 2019. REUTERS/Francis Mascarenhas/File Photo

The Supreme Court dismissed a Reserve Bank of India circular that gave firms 180 days for debt resolution, failing which the issue would be taken under the country's bankruptcy, TV channels reported on Tuesday.

Several companies, especially power firms, had sought the intervention of the Supreme Court saying the time given by the central bank was not enough time to tackle the debt issue.