Timeline of RBI's February 12 Circular:
- February 12, 2018: RBI releases revised circular on Resolution of Stressed Assets.
- August 2018: Power Producers Association, Sugar and Shipping companies move High Court against circular; Allahabad High Court refuses to stay RBI February 12 circular; asks RBI and the government to hold consultations.
- September 2018: The government uses never-before-used section 7 to hold consultations with RBI on February 12 circular among other issues.
- September 2018: Supreme Court stays RBI February 12 circular for power, sugar and shipping companies until ruling in the matter.
- February 2019: New RBI governor Shaktikant Das re-iterates RBI stand, says no plan to tweak circular.
- Present status: The matter is sub-judice and the Supreme Court has reserved its orders on the matter.
