Letter to BS: Wilmer cannot take RBI to court over Shree Renuka

This refers to “Wilmar set to take RBI to court over Shree Renuka” (March 27). The February 12, 2018, Reserve Bank of India (RBI) circular clearly outlines the requirements for a non-performing asset (NPA) account to be upgraded as a standard account. One of the ways is change of ownership. Wilmar was reportedly a 38.57 per cent owner of Shree Renuka Sugars when the latter defaulted on the loans given by banks and was classified as an NPA account. 
 

In the sections applicable to restructuring of advances under the aforesaid circular, it is clearly mentioned that a NPA account cannot