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

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