Alerts & Updates 25th Jun 2020
For this week’s update, we take a look at the Delhi High Court’s judgment in Anant Raj Limited v. Yes Bank Limited.In the present case, the Petitioner has challenged the action of the Respondent Bank in declaring the Petitioner’s account as Non-Performing Asset (NPA) after the Statement of Development Regulatory Policy and the COVID-19 Regulatory Package both dated March 27, 2020 issued by RBI had come into force, whereby a three month moratorium has been granted to individuals and businesses for repayment of loans.
The Court has after discussing the provisions of the the Statement of Development Regulatory Policy and the COVID-19 Regulatory Package arrived at a prima facie finding that the classification of the Petitioner’s account as NPA was incorrect.
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