All kind of loans, contractual transactions can't be put under moratorium: SEBI to SC
4 years, 9 months ago

All kind of loans, contractual transactions can't be put under moratorium: SEBI to SC

India Today  

Almost all industries in the country have been suffering due to Covid-19 pandemic but all kinds of loan and contractual transactions cannot be put under the moratorium, the Securities and Exchange Board of India has told the Supreme Court. SEBI filed an affidavit in this regard in the apex court which had sought its stand on a plea which sought a clarification on whether the RBI's circular regarding moratorium on loan repayment amid the pandemic applies to Non-Banking Financial Corporations and if real estate firms are eligible for it. While seeking dismissal of the plea filed by an association of real estate developers, the SEBI said that it appears to be "proxy litigation" where the petitioners have raised grievances and issues relating to NBFCs and Housing Finance Corporations rather than issues relating to their own members. "That not only the real estate sector but almost all the industries in India have been suffering due to pandemic Covid-19 and as a result of this, it does not imply that all kinds of loan and contractual transactions are to be put to under moratorium," the affidavit said. On March 27, RBI had issued slew of measures to check financial impact of the nationwide lockdown and had issued a circular giving liberty to all banks and financial institution to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, subject to the borrower making such a request.

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History of this topic

Period Of Moratorium U/S 101 Of IBC Cannot Be Extended Beyond 180 Days: NCLAT
2 months ago

Period Of Moratorium U/S 101 Of IBC Cannot Be Extended Beyond 180 Days: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mita and Mr. Arun Baroka has held that the period of moratorium beyond 180 days as provided under section 101 of the IBC cannot be extended. It further held that “when the statutory scheme is clear and unambiguous, there is no role of any interpretive process to find out …

IBC | Moratorium Does Not Extinguish Claim : Supreme Court
3 months ago

IBC | Moratorium Does Not Extinguish Claim : Supreme Court

Live Law  

The Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish a claim. The Court stated that Section 14 bars the institution/continuation of legal proceedings against the corporate debtor, transfer of assets, enforcement of security interest etc. "If the argument that the claims of all the creditors of the …

IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court
1 year, 2 months ago

IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court

Live Law  

The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process proceedings under the Insolvency and Bankruptcy Code, 2016. “We would not extend it by implication, when the legislature has not accepted applicability of mutual set-off at the initial stage, that is, the Corporate Insolvency Resolution Process stage.” BACKGROUND FACTS In …

NCLT Kochi: Moratorium U/S 96 And 101 Of IBC Cannot Be Meant To Prohibit The Right To Action U/S 7, 9 Or 10 Of IBC
1 year, 4 months ago

NCLT Kochi: Moratorium U/S 96 And 101 Of IBC Cannot Be Meant To Prohibit The Right To Action U/S 7, 9 Or 10 Of IBC

Live Law  

The National Company Law Tribunal, Kochi Bench, comprising of Justice T Krishna Valli and Shri. Shyam Babu Gautam dismissed a stay application and has held that the moratorium under sections 96 and 101 of the Insolvency and Bankruptcy Code “ cannot be meant to prohibit the right to action under sections 7, 9 or 10 of IBC as it lies …

The IBC VS. SEBI: Critical Analysis Of Moratorium Under IBC
2 years, 1 month ago

The IBC VS. SEBI: Critical Analysis Of Moratorium Under IBC

Live Law  

Section 28A of the Securities and Exchange Board of India Act, 1992 mentions about the recovery of proceeds from debtors in the form of attachment of immovable and movable property, attachment of bank accounts, etc. In Ms.Anju Agarwal v. Bombay Stock Exchange, the NCLAT decided that section 14 of the IBC will take precedence over section 28A of the SEBI …

Imposition Of Moratorium Under IBC Does Not Bar Complaints Against Natural Persons: Madras High Court
3 years, 1 month ago

Imposition Of Moratorium Under IBC Does Not Bar Complaints Against Natural Persons: Madras High Court

Live Law  

The Madras High Court in a Bench comprising of Justice N. Sathish Kumar in M/s. Muzain Hides held that as long as a moratorium under Section 14 of the Insolvency and Bankruptcy Code is imposed, proceedings under Section 138/141 of the Negotiable Instruments Act cannot be initiated against the Corporate Debtor. The counsel for the Petitioners alleged that since the …

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court
3 years, 2 months ago

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court

Live Law  

The Karnataka High Court recently set aside the directionsissued to Reserve Bank of India by a single judge bench of the High Court directing it to monitor the implementation of Covid-19 package announced on March 27, 20202, by which RBI had allowed Banks to declare a three-month moratorium on all term loans, outstanding as on March 1, 2020. Senior Advocate …

Kerala CM seeks moratorium on loan repayment
3 years, 7 months ago

Kerala CM seeks moratorium on loan repayment

The Hindu  

Chief Minister Pinarayi Vijayan on Thursday sought more cooperation from banks for effectively overcoming the pandemic-induced economic downturn. Mr. Vijayan urged the banks to ensure maximum coverage for farmers, dairy farmers and fishers under the Pradhan Mantri Kisan Samman Nidhi. The Chief Minister encouraged banks to provide liberal assistance to agricultural production groups that are being formed under the State …

Bring policy to refund 'interest on interest' charged during moratorium period: RBI asks NBFCs
3 years, 11 months ago

Bring policy to refund 'interest on interest' charged during moratorium period: RBI asks NBFCs

India TV News  

The Reserve Bank of India has directed all banks and NBFCs to immediately put in place a board-approved policy to refund or adjust the 'interest on interest' charged to borrowers during the moratorium period of March 1 to August 31, 2020. In a major relief to big borrowers, the Supreme Court last month ruled that no penal or compound interest …

Supreme Court waives compound, penal interests on loans during moratorium
4 years ago

Supreme Court waives compound, penal interests on loans during moratorium

Hindustan Times  

The Supreme Court on Tuesday ordered banks against charging borrowers any penal interest or compound interest on loans during the moratorium on repayment of loans from March to August 2020 in view of the Covid-19 pandemic. The court refused to extend the moratorium or tinker with the resolution mechanism proposed by Reserve Bank of India to waive compound interest on …

Loan moratorium case | Refund penal interest on EMIs, Supreme Court tells lenders
4 years ago

Loan moratorium case | Refund penal interest on EMIs, Supreme Court tells lenders

The Hindu  

The Supreme Court on Tuesday directed banks and financial institutions to refund compound interest, interest on interest or penal interest collected on EMI for loans during the period of moratorium from March 1 to August 31 last year. The court said the amount accumulated as compound/penal interest or interest on interest during the six-month moratorium on term loan EMIs should …

Supreme Court Bars Charging Compound Interest Or Penal Interest On Any Borrower During Loan Moratorium; Refuses Moratorium Extension
4 years ago

Supreme Court Bars Charging Compound Interest Or Penal Interest On Any Borrower During Loan Moratorium; Refuses Moratorium Extension

Live Law  

The Supreme Court on Tuesday directed that there should be no charging of compound interest, interest on interest or penal interest on the installments which were due during the loan moratorium period from March 1 to August 31 last year on any borrower, irrespective of the loan amount. Terming this policy of the Centre to be "arbitrary and discriminatory", the …

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium
4 years ago

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium

Live Law  

The Supreme Court on Tuesday directed that there should be no charging of compound interest, interest on interest or penal interest on the installments which were due during the loan moratorium period from March 1 to August 31 last year on any borrower, irrespective of the loan amount. Terming this policy of the Centre to be "arbitrary and discriminatory", the …

Breaking: Supreme Court To Pronounce Judgment On Pleas Seeking Loan Moratorium Extension Tomorrow
4 years ago

Breaking: Supreme Court To Pronounce Judgment On Pleas Seeking Loan Moratorium Extension Tomorrow

Live Law  

The Supreme Court will pronounce its judgment tomorrow on a batch of petitions which seek the extension of the 6 month loan moratorium period granted by the Reserve Bank of India.The Court had reserved the Judgment on December 17 last year after hearing petitioners, Centre, RBI and intervenors. The Supreme Court will pronounce its judgment tomorrow on a batch of …

"Situation Demands That Loan Moratorium Be Extended Till 31 March 2021": Plea In Supreme Court Seeks Extension
4 years, 3 months ago

"Situation Demands That Loan Moratorium Be Extended Till 31 March 2021": Plea In Supreme Court Seeks Extension

Live Law  

An amendment application for the prayers in the plea seeking directions to extend the moratorium period till March 31, 2021 has been filed in the Supreme Court.The Supreme Court is currently seized of a batch of plea's and is hearing the issue of extension of loan moratorium and waiver of accruing interest.One of the Petitioner Advocate Vishal Tiwari has sought …

The Hindu Explains | What is a bank moratorium, and when does it come into play?
4 years, 4 months ago

The Hindu Explains | What is a bank moratorium, and when does it come into play?

The Hindu  

The story so far: On November 17, the Centre, acting on the recommendation of the Reserve Bank of India, imposed a moratorium on Lakshmi Vilas Bank for a period of 30 days. The RBI, the regulatory body overseeing the country’s financial system, has the power to ask the government to have a moratorium placed on a bank’s operations for a …

Loan moratorium case: Lenders to credit ‘interest on interest’ to borrowers by 5 Nov, Centre tells SC
4 years, 4 months ago

Loan moratorium case: Lenders to credit ‘interest on interest’ to borrowers by 5 Nov, Centre tells SC

Firstpost  

The Ministry of Finance has said that after crediting this amount, the lending institutions would claim reimbursement from the Central government New Delhi: The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by 5 November the difference between compound interest and simple interest collected on loans of up to …

Here is What You Will Get if You Paid Your EMIs on Time During Loan Moratorium Period
4 years, 4 months ago

Here is What You Will Get if You Paid Your EMIs on Time During Loan Moratorium Period

News 18  

The Reserve Bank of India had in March, after the outbreak of the novel coronavirus, provided a moratorium on repayment of EMIs and credit card dues for three months. The top court in the due course directed the Centre to implement “as soon as possible” interest waiver on loans of up to Rs 2 crore under the RBI moratorium scheme. …

Loan moratorium | Centre informs Supreme Court it will repay additional interest by November 5
4 years, 5 months ago

Loan moratorium | Centre informs Supreme Court it will repay additional interest by November 5

The Hindu  

The Centre has informed the Supreme Court that the difference in the compound interest and simple interest charged for six months of moratorium period on eight categories of loans worth up to ₹2 crore will be paid back to borrowers by November 5, 2020. "The Central Government has directed that all lending institutions shall give effect to the scheme and …

Govt Waives Interest on Interest for Loans Up to Rs 2 Cr Even for Those Who Didn't Opt for Moratorium
4 years, 5 months ago

Govt Waives Interest on Interest for Loans Up to Rs 2 Cr Even for Those Who Didn't Opt for Moratorium

News 18  

New Delhi: In a relief to borrowers at the onset of the festive season, the government on late Friday night announced waiver of interest on interest for loans up to Rs 2 crore irrespective of whether moratorium was availed or not. The apex court on October 14 directed the Centre to implement "as soon as possible" interest waiver on loans …

[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]
4 years, 5 months ago

[IBC] Is Moratorium Applicable to Suits Filed By Corporate Debtor?: SC Issues Notice [Read Order]

Live Law  

Is the provision of moratorium in Section 14A of Insolvency and Bankruptcy Code, 2016 only applicable to civil suits filed against the corporate debtor?, the Supreme Court has issued a notice in an SLP which raises this issue.The Special Leave Petition is filed against a Bombay High Court order contending that the High Court erred in its interpretation of Section …

RBI Accepts Recommendation For Separate Treatment of Aviation, Automotive, Roads Sectors
4 years, 5 months ago

RBI Accepts Recommendation For Separate Treatment of Aviation, Automotive, Roads Sectors

News 18  

Citing Kamath Committee recommendations, the Reserve Bank of India has informed the Supreme Court that it has accepted the recommendation for different treatment for sectors namely aviation, automobile manufacturing, roads and wholesale trading. Citing the September 7 special window notification, the RBI insisted that banks have sufficient flexibility to accommodate the impact of Covid-19 while specifying specific ratios for determining …

Moratorium extension not in borrowers\' interest: RBI tells SC
4 years, 5 months ago

Moratorium extension not in borrowers\' interest: RBI tells SC

Deccan Chronicle  

New Delhi: A loan moratorium exceeding six months might result in vitiating the overall credit discipline, which will have a debilitating impact on the process of credit creation in the economy, the Reserve Bank of India told the Supreme Court on Saturday. In its 17-page “consolidated affidavit” filed ahead of the hearing on Tuesday of the loan moratorium case, the …

Lockdown moratorium | Loans up to ₹2 crore may get relief
4 years, 5 months ago

Lockdown moratorium | Loans up to ₹2 crore may get relief

The Hindu  

The Centre has informed the Supreme Court that it will continue to “hand-hold” small and vulnerable borrowers and waive the compound interest accumulated against their loans during the six-month moratorium period. The government made it clear that “any individual or entity whose loan amount is more than ₹2 crore will not be eligible for waiver of compounding of interest”. The …

SBI loan restructuring: How interest will be calculated during moratorium extension period
4 years, 5 months ago

SBI loan restructuring: How interest will be calculated during moratorium extension period

India Today  

A few days ago, the country’s largest lender State Bank of India came out with a set of rules and regulations for offering an extension on loan repayments to those affected financially by the Covid-19 pandemic. However, there are several key aspects that Covid-affected customers need to know before availing moratorium extension on repayments under SBI’s loan repayment framework. Loan …

Loan moratorium case: Centre, RBI seek more time; next hearing on October 5
4 years, 5 months ago

Loan moratorium case: Centre, RBI seek more time; next hearing on October 5

India Today  

The Supreme Court on Monday said the loan moratorium case would be heard on October 5 as the Centre and Reserve Bank of India need more time to place the decisions taken by them on record. Representing the Centre, Solicitor General Tushar Mehta apologised to the Supreme Court and said the government is at a “very advanced stage” in the …

A balanced approach to waiving interest during moratorium
4 years, 6 months ago

A balanced approach to waiving interest during moratorium

Live Mint  

In March 2020, the Reserve Bank of India allowed a moratorium of three months on payment of instalments of loans and later extended it by three months till 31 August 2020. The scheme was a half-hearted measure to provide relief to borrowers, as the moratorium was too brief, knowing well the gravity and longevity of covid, and it addressed only …

Interest During Loan Moratorium: Centre Constitutes Expert Committee
4 years, 6 months ago

Interest During Loan Moratorium: Centre Constitutes Expert Committee

Live Law  

The Ministry of Finance on Thursday constituted an Expert Committee to study the issues related to waiver of interest and interest on interest during loan moratorium. The Centre had today told the Supreme Court today that an expert committee will look into various issues raised in the ongoing hearing in the matter of Gajendra Sharma Vs. UoI and Others The …

In a Relief to Borrowers, Supreme Court Extends Loan Moratorium Scheme till September 28
4 years, 6 months ago

In a Relief to Borrowers, Supreme Court Extends Loan Moratorium Scheme till September 28

News 18  

Continuing its interim order, the Supreme Court on Thursday extended loan repayment moratorium till September 28 that directed banks not to declare any loan as NPA due to non-payment of installments during the period. The apex court had earlier asked the Centre and the Reserve Bank of India to review the move to charge interest on EMIs during the moratorium …

[Loan Moratorium & Interest Waiver] "Highest Level Expert Committee Convening Meetings & Will Take Holistic Decision In Two Weeks": Centre Tells SC, Interim Order To Continue [Read Order]
4 years, 6 months ago

[Loan Moratorium & Interest Waiver] "Highest Level Expert Committee Convening Meetings & Will Take Holistic Decision In Two Weeks": Centre Tells SC, Interim Order To Continue [Read Order]

Live Law  

The Centre informed Supreme Court on Thursday that an Expert Committee at the highest level had been constituted in order to take a decision on the issue of moratorium extension, interest during moratorium, interest on interest and other related issues. Solicitor General Tushar Mehta sought two weeks time in order to place on record a comprehensive affidavit in this regard …

Loan moratorium: RBI likely to announce one-time loan restructuring guidelines soon
4 years, 6 months ago

Loan moratorium: RBI likely to announce one-time loan restructuring guidelines soon

Live Mint  

The Reserve Bank of India is likely to announce the financial parameters of its proposed loan restructuring scheme soon. In his interview to CNBC Awaaz, RBI Governor Shaktikanta Das said that banks can extend the loan moratorium by 3, 6 or even 12 months under the one-time restructuring. To mitigate the hardships faced by the borrowers during coronavirus pandemic, the …

Supreme Court Adjourns Hearing in Loan Moratorium Case Till September 10
4 years, 6 months ago

Supreme Court Adjourns Hearing in Loan Moratorium Case Till September 10

News 18  

The Supreme Court on Thursday provided some relief to stressed borrowers who are facing hardship due to impact of COVID-19 pandemic. The bench said that accounts which were not declared as non-performing assets till August 31 this year, shall not be declared NPA till further orders, and adjourned the next hearing in the loan moratorium matter until next week Thursday, …

Relief for borrowers in moratorium case
4 years, 6 months ago

Relief for borrowers in moratorium case

The Hindu  

The Supreme Court on Thursday directed banks that loan accounts on the clear till the expiry of the moratorium on August 31 should not be declared as non-performing assets till further orders. A Bench led by Justice Ashok Bhushan spelt relief for borrowers struggling to gain their feet amid a pandemic with its one-liner that “accounts which were not declared …

Banks Can’t Declare Loan Accounts as NPAs Till Further Orders: SC
4 years, 6 months ago

Banks Can’t Declare Loan Accounts as NPAs Till Further Orders: SC

The Quint  

The Solicitor General, representing the Finance Ministry and the RBI, submitted before the bench that an expert committee on resolutions is to decide sector-wise relief to ease stress caused by the pandemic. "Expert committee does not come in way of individual borrowers," said Mehta, who also cited the 6 August RBI circular which deals with stressed accounts and provides for …

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court
4 years, 6 months ago

Protect Accounts Which Were Not Declared NPA Till August 31, Says Supreme Court

News 18  

The Supreme Court Thursday directed that accounts, which were not declared as non-performing asset till August 31 this year, shall not be declared NPA till further orders. In view of the above, the accounts which were not declared NPA till August 31, 2020 shall not be declared NPA till further orders, said the bench, also comprising Justices R S Reddy …

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC
4 years, 6 months ago

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC

Live Mint  

The Supreme Court of India on Thursday passed an interim order saying that the accounts not declared as non-performing asset as on 31 August shall not be declared as NPAs till further notice. The apex court on Thursday heard a batch of petitions seeking interest waiver on loan moratorium granted by Reserve Bank of India. While arguing whether banks should …

Loan moratorium over: You can still avail extension of two more years
4 years, 6 months ago

Loan moratorium over: You can still avail extension of two more years

Live Mint  

In view of the pandemic of Covid-19, the RBI had, vide a Circular dated 27 th March 2020, permitted the lenders to allow a moratorium for three months of EMI, falling due between 1 st March 2020 and 31 st May 2020, for various categories of loans. But the things became clear when the RBI circular of 6th August 2020 …

Loan moratorium | Interest on interest “worse than taking a pound of flesh”
4 years, 6 months ago

Loan moratorium | Interest on interest “worse than taking a pound of flesh”

The Hindu  

Circulars issued by the Reserve Bank of India on August 6 and hailed by the government in the Supreme Court came under intense criticism from individual borrowers and commercial sectors across the spectrum who called it “old wine in a new bottle”. The circulars allow individual banks discretion to resolve COVID-19 -related stress and customise relief to individual borrowers facing …

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told
4 years, 6 months ago

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told

News 18  

Banks are free to restructure loans but they cannot penalise honest borrowers by charging interest on deferred EMI payments under the moratorium scheme during the COVID-19 pandemic, a petitioner opposing the move said in the Supreme Court on Wednesday. A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest …

Loan moratorium can be extended by 2 years: Govt
4 years, 6 months ago

Loan moratorium can be extended by 2 years: Govt

Live Mint  

The moratorium for repayment of loans can be extended by up to two years, according to a 6 August circular by the Reserve Bank of India, solicitor general Tushar Mehta told the Supreme Court on Tuesday. The central government also apprised the bench that it has filed an affidavit stating that the National Disaster Management Authority has taken cognizance of …

Interest waiver on EMIs during moratorium against basic canon of finance: Centre
4 years, 6 months ago

Interest waiver on EMIs during moratorium against basic canon of finance: Centre

Live Mint  

Waiver of interest on deferred EMIs during the moratorium period would be against “the basic canons of finance” and unfair to those who repaid loans as per schedule, the Centre told the Supreme Court on Tuesday. The government said any “post facto” change in the terms of the RBI circulars with regard to non-charging of interest during the moratorium period …

"Loan Moratorium Period Capable Of Being Extended By 2 Years": Centre Tells SC
4 years, 6 months ago

"Loan Moratorium Period Capable Of Being Extended By 2 Years": Centre Tells SC

Live Law  

The Central Government told the Supreme Court on Tuesday that the moratorium period is extendable by two years. @RBI #loans #moratorium #banks #interestwaiver pic.twitter.com/o6P3EoImJh — Live Law September 1, 2020 Earlier, the Supreme Court had said there was "no merit in charging interest on interest" for deferred loan payment instalments during the moratorium period announced in wake of the COVID-19 …

Loan moratorium extendable upto 2 years, Centre informs SC
4 years, 6 months ago

Loan moratorium extendable upto 2 years, Centre informs SC

India Today  

The moratorium period on loans can be extended for a period of two years, the government informed Supreme Court on Tuesday. Solicitor General Tushar Mehta, on behalf of the Centre and Reserve Bank of India, informed the Supreme Court bench of Justice Ashok Bhushan that the moratorium on repayment of loans is “extendable for 2 years”. While Mehta told the …

Most companies that availed loan moratoriums were facing challenges before COVID-19: Crisil
4 years, 6 months ago

Most companies that availed loan moratoriums were facing challenges before COVID-19: Crisil

India TV News  

Most companies that availed loan moratoriums have sub-investment grade ratings and were facing challenges before the onset of the pandemic itself due to slowing economic growth, domestic ratings agency Crisil said on Monday. In a report released on the last day of the moratorium, the agency said it analysed 2,300 non-financial sector companies which have taken recourse to non-payment of …

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31
4 years, 6 months ago

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31

News 18  

The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the COVID-19, sources said. It was only a temporary reprieve to borrowers affected by the pandemic, the sources said, adding that …

Loan moratorium scheme | Supreme Court hits out at Centre
4 years, 7 months ago

Loan moratorium scheme | Supreme Court hits out at Centre

The Hindu  

The Supreme Court on Wednesday criticised the Centre for “hiding behind the Reserve Bank of India” without making its stand clear on the loan moratorium scheme introduced during the COVID-19 pandemic. Noting that the issue had been pending indecisively for some months now, the court advised the government against adopting a blinkered vision, focussing only on matters of business of …

'Don't Hide Behind RBI, Take Own Stand': Supreme Court Raps Centre on Loan Moratorium Scheme
4 years, 7 months ago

'Don't Hide Behind RBI, Take Own Stand': Supreme Court Raps Centre on Loan Moratorium Scheme

News 18  

The Supreme Court on Wednesday said the Central government is “hiding behind the RBI” and dithering from its own stand on whether there should be some relief in the form of waiver to those who have availed loans from banks and other financial institutions. The court’s adverse comments against the Government came after Solicitor General Tushar Mehta referred to the …

RBI Must Monitor Implementation Of Loan Moratorium Circular; Borrower Entitled To Seek Moratorium As A Matter Of Right For Continuity Of Business : Karnataka HC
4 years, 8 months ago

RBI Must Monitor Implementation Of Loan Moratorium Circular; Borrower Entitled To Seek Moratorium As A Matter Of Right For Continuity Of Business : Karnataka HC

Live Law  

The High Court of Karnataka has held that a borrower is entitled to seek loan moratorium on the basis of the Reserve Bank of India's March 27 circular, on the ground that the non-grant of it would affect the continuity of buisness.While acknowledging that the grant of moratorium as per the RBI circular is the discretion of the bank, the …

State-run lenders have at least ₹7.9 tn loans under moratorium
4 years, 8 months ago

State-run lenders have at least ₹7.9 tn loans under moratorium

Live Mint  

India’s five largest state-run banks collectively have at least ₹7.9 trillion of loans under moratorium, including loans that were stressed even before the coronavirus outbreak, regulatory filings showed. Different banks are using different methods to calculate the moratorium amount and there is a lack of coherence at the moment,” said Asutosh Mishra, head of research, institutional equity, Ashika Stock Broking. …

No benefit from RBI’s loan moratorium scheme, says Supreme Court
4 years, 9 months ago

No benefit from RBI’s loan moratorium scheme, says Supreme Court

The Hindu  

The Supreme Court on Wednesday said there were few takers for the Reserve Bank of India’s loan moratorium scheme during the lockdown because people know there was hardly any benefit arising out of it. Appearing before a Bench led by Justice Ashok Bhushan, Solicitor-General Tushar Mehta, who had met Finance Ministry and RBI officials, explained that the moratorium during a …

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