Reserve Bank of India (RBI) had issued a circular on 12 th February, 2018 whereby the Banks wereasked to treat a company as a defaulter even if it misses repayment schedule by a day. The circular had also mandated to file insolvency application if default persists for 180 days from and after March 1, 2018 for debts with aggregate exposure of more than Rs. 2,000 crores.
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