Reserve Bank Governor Shaktikanta Das said the Central bank would soon come out with a revised circular for effective resolution of stressed assets in the backdrop of the Supreme Court order.

The Supreme Court on Tuesday quashed the RBI circular of last year that pertains to the provisions for referring the defaulter to the National Company Law Tribunal (NCLT) even on a one-day overdue. "The court has said that power of RBI under Section 35AA has to be exercised in certain manner. The validity of Section 35AA of the Banking Regulation Act 1949 stands and henceforth we have to comply with the direction of the Supreme Court and act accordingly," Das said.