The Supreme Court of India examined various petitions contesting the constitutional legitimacy of Sections 35AA and 35AB of the Banking Regulation Act, 1949, which were amended on May 4, 2017, ... to confer extensive powers upon the Reserve Bank of India (RBI) for initiating insolvency proceedings against defaulting firms under the Insolvency and Bankruptcy Code, 2016 (IBC), with a particular emphasis on the legality of an RBI Circular issued on February 12, 2018, that established a rigorous framework for addressing stressed assets, compelling banks to act against companies with loan defaults exceeding ₹2,000 crore after a 180-day period.