Supreme Court rejects tough rule on debt resolution: TV channels

Supreme Court rejects tough rule on debt resolution: TV channels
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Several companies, especially power firms, had sought intervention of the Supreme Court.

New Delhi: 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 intervention of the Supreme Court saying the time given by the central bank was not enough time to tackle the debt issue.

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