Refer to important disclosures at the end of this report SC decision on 12 Feb RBI Circular may prolong power stress resolution, but not derail The Supreme Court yesterday quashed the RBI's 12th February Circular directing banks to refer stressed loans (>Rs20bn) to the NCLT (National Company Law Tribunal) under the IBC (Insolvency and Bankruptcy Code), calling it to be Ultra-Vires for the RBI. The key reasons for declaring the circular Ultra-Vires has been a lack of pre-authorization of the central government to issue the circular directing lenders to refer cases under the...