SUPREME COURT : In Reserve Bank of India vs. Dharani Sugars and Chemicals Ltd. & Ors.

Apex Court grants temporary relief to Power Companies from IBC proceedings.

The Apex Court has asked the RBI, banks and others to refrain from taking any actions pursuant to the February 12 circular issued by the RBI. The Apex Court has now transferred all pleas filed before the various High Courts to itself while asking the RBI and parties to maintain status quo with regards to insolvency proceedings. This status quo order now puts a halt to the proceedings to be initiated pursuant to the circular.

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