https://www.taxtmi.com/news?id=18418 The Ordinance empowers the Reserve Bank to direct banks to initiate insolvency resolution under the Insolvency and Bankruptcy Code for defaults and to issue directions on stressed assets, including constituting advisory bodies. The Overseeing Committee now sits under the Reserve Bank to review high exposure cases. An Internal Advisory Committee adopted an objective referral criterion for very large, largely non performing accounts, prompting RBI directions to refer qualifying accounts to the IBC and requiring banks to finalise resolution plans within a six month period or file for insolvency. en-us Tue, 18 Jul 2017 17:59:47 +0530 Tue, 18 Jul 2017 17:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18418 The Ordinance empowers the Reserve Bank to direct banks to initiate insolvency resolution under the Insolvency and Bankruptcy Code for defaults and to issue directions on stressed assets, including constituting advisory bodies. The Overseeing Committee now sits under the Reserve Bank to review high exposure cases. An Internal Advisory Committee adopted an objective referral criterion for very large, largely non performing accounts, prompting RBI directions to refer qualifying accounts to the IBC and requiring banks to finalise resolution plans within a six month period or file for insolvency. News - Tue, 18 Jul 2017 17:59:47 +0530 https://www.taxtmi.com/news?id=18418