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SC quashes RBI’s Feb 12, 2018 circular holding it as ultra vires of Sec. 35AA of Banking Regulation Act

April 2, 2019[2019] 104 taxmann.com 44 (SC)
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FEMA, BANKING & INSURANCE : Section 35AA prohibits power of RBI to direct banking institutions to move under Insolvency Code from being exercised in any manner other than manner set out in section 35AA and, therefore, RBI circular dated 12-2-2018 by which RBI promulgated a revised framework for resolution of stressed assets is ultra vires of section 35AA

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