{"id":129241,"date":"2017-05-06T10:45:16","date_gmt":"2017-05-06T05:15:16","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=129241"},"modified":"2017-05-06T10:45:16","modified_gmt":"2017-05-06T05:15:16","slug":"the-banking-regulation-amendment-ordinance-2017-promulgated-for-resolution-of-stressed-assets","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/06\/the-banking-regulation-amendment-ordinance-2017-promulgated-for-resolution-of-stressed-assets\/","title":{"rendered":"The Banking Regulation (Amendment) Ordinance, 2017 promulgated for resolution of stressed assets"},"content":{"rendered":"<div class=\"contentdiv\">\n<div style=\"text-align: justify;\" align=\"center\">The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the Banking Regulation Act, 1949 enables the Union Government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process, where required. The RBI has also been empowered to issue other directions for resolution, and appoint or approve for appointment, authorities or committees to advise banking companies for stressed asset resolution.<\/p>\n<p>This action of the Union Government will have a direct impact on effective resolution of stressed assets, particularly in consortium or multiple banking arrangements, as the RBI will be empowered to intervene in specific cases of resolution of non-performing assets, to bring them to a definite conclusion.<\/p>\n<p>The Government is committed to expeditious resolution of stressed assets in the banking system. The recent enactment of Insolvency and Bankruptcy Code (IBC), 2016 has opened up new possibilities for time bound resolution of stressed assets. The SARFAESI and Debt Recovery Acts have been amended to facilitate recoveries. A comprehensive approach is being adopted for effective implementation of various schemes for timely resolution of stressed assets.<\/p><\/div>\n<div style=\"text-align: justify;\" align=\"center\"><\/div>\n<div style=\"text-align: right;\">Ministry of Finance<\/div>\n<div style=\"text-align: justify;\">\n<p style=\"text-align: center;\"><strong>THE BANKING REGULATION (AMENDMENT) ORDINANCE, 2017<\/strong><\/p>\n<p style=\"text-align: center;\"><strong>No. 1 of 2017<\/strong><\/p>\n<p>Promulgated by the President in the Sixty-eighth Year of the\u00a0Republic of India.<\/p>\n<p>An Ordinance further to amend the Banking Regulation Act, 1949.<\/p>\n<p>Whereas the stressed assets in the banking system have reached unacceptably high levels and urgent measures are required for their resolution;<\/p>\n<p>AND WHEREAS the Insolvency and Bankruptcy Code, 2016 has been enacted to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets to promote entrepreneurship, availability of credit and balance the interest of all the stakeholders;<\/p><\/div>\n<div>\n<p style=\"text-align: justify;\">AND WHEREAS the provisions of Insolvency and Bankruptcy Code, 2016 can be effectively used for the resolution of stressed assets by empowering the banking regulator to issue directions in specific cases;<\/p>\n<p style=\"text-align: justify;\">And WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;<\/p>\n<p style=\"text-align: justify;\">NOW, THEREFORE, in exercise of the powers conferred by clause (7) of Article 123 of the Constitution, the President is pleased to promulgate the following Ordinance:\u2014<\/p>\n<p style=\"text-align: justify;\"><strong>1. Short title and commencement.&#8211;<\/strong> (i) This Ordinance may be called the Banking Regulation\u00a0(Amendment) Ordinance, 2017.<\/p>\n<p style=\"text-align: justify;\">(2) It shall come into force at once.<\/p>\n<p style=\"text-align: justify;\"><strong>2.\u00a0<span class=\"Bodytext9Exact\"><span lang=\"EN-US\">Insertion of new Sections 35AA and 35AB.&#8211;<\/span><\/span><\/strong>In the Banking Regulation Act, 1949, after Section 35A, the following sections shall be inserted, namely:\u2014<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">\u2018<strong>35AA.\u00a0<\/strong><span class=\"Bodytext9Exact\"><span lang=\"EN-US\"><strong>Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.&#8211;<\/strong>\u00a0<\/span><\/span>The Central Government may by order authorise the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016.<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><em>Explanation.\u2014For<\/em> the purposes of this section, \u201cdefault\u201d has the same meaning assigned to it in clause (12) of section 3 of the Insolvency and Bankruptcy Code, 2016.<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><strong>35AB.\u00a0<span class=\"Bodytext9Exact\"><span lang=\"EN-US\">Power of Reserve Bank to issue directions in respect of stressed assets.&#8211;\u00a0<\/span><\/span><\/strong>(1) Without prejudice to the provisions of Section 35A, the Reserve Bank may, from time to time, issue directions to the banking companies for resolution of stressed assets.<\/p>\n<p style=\"text-align: justify; padding-left: 30px;\">(2) The Reserve Bank may specify one or more authorities or committees with such members as the Reserve Bank may appoint or approve for appointment to advise banking companies on resolution of stressed assets.\u2019.<\/p>\n<p style=\"text-align: right;\">PRANAB MUKHERJEE,<\/p>\n<p style=\"text-align: right;\">President.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 inserting two new Sections (viz. 35AA and 35AB) after Section 35A of the <\/p>\n","protected":false},"author":91,"featured_media":40821,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[17001,17031,17021,2611,17011],"class_list":["post-129241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-banking-regulation-amendment-ordinance","tag-banking-regulation-act","tag-insolvency-resolution-process","tag-RBI","tag-stressed-assets"],"yoast_head":"<!-- This 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Certain amendments were considered necessary in the said Act to provide for better management and proper regulation of co-operative banks\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":213139,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/02\/213139\/","url_meta":{"origin":129241,"position":4},"title":"SC declares February 2018 RBI Circular ultra vires","author":"Prachi Bhardwaj","date":"April 2, 2019","format":false,"excerpt":"Supreme Court: Holding the Reserve Bank of India [RBI] Circular issued on 12.02.2018 ultra vires Section 35AA of the Banking Regulation Act, 1949, the bench of RF Nariman and Vineet Saran, JJ directed, \u201call actions taken under the said circular, including actions by which the Insolvency Code has been triggered\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":194274,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/21\/one-time-settlement-of-npas\/","url_meta":{"origin":129241,"position":5},"title":"One Time Settlement of NPAs","author":"Saba","date":"March 21, 2018","format":false,"excerpt":"As per instructions of Reserve Bank of India, banks are required to have a loan recover policy, which may cover,\u00a0inter alia,\u00a0negotiated settlements of NPAs. As per inputs received from Public Sector Banks (PSBs), all PSBs have One Time Settlement (OTS) schemes. These OTS schemes are in pursuance of Board-approved policies\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/129241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=129241"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/129241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/40821"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=129241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=129241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=129241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}