Supreme court Creditors have been allowed in the Anil Ambani-promoted Reliance Commercial Finance (RCFL) approved the implementation of the recovery plan, more than a year after the lenders cleared it, to go ahead with the resolution plan for the company.

The court was deciding on the appeal of the Securities and Exchange Board of India (SEBI) seeking a stay on voting by creditors because he wanted all bond holders to take part in such votes, on the contrary debenture trust deed (DTD) and central bank guidelines that expect only 75% of bondholders to vote.

A three-judge bench headed by Justice DY Chandrachud, noting that SEBI’s norms took precedence over the central bank’s guidelines, still went ahead with the plan citing delay in calling the polls afresh.

“The various voting mechanisms proposed under the SEBI circular will further delay the resolution process and potentially hamper the efforts made by the stakeholders including retail debenture holders. Such laxity of the resolution process will not only prove to be time-consuming, but also counterproductive. affect the actual benefit agreed to by retail debenture holders, who have already agreed to negotiate before the High Court,” the apex court said.