10Sep 2020 by Asmeet No Comments

Accounts not declared NPAs as on August 31 should not be declared NPAs till further orders: Supreme Court extends the interim order passed on 3 Sep

Banking and Finance
Accounts not declared NPAs as on August 31 should not be declared NPAs till further orders: Supreme Court  Supreme Court today asked the Government of India and the Reserve Bank of India (RBI) to take concrete decisions on the issue of sector-wise loan restructuring within two weeks. A three-Judge Bench of Justices Ashok Bhushan, R Subhsash Reddy and MR Shah took up the case for hearing today. Today, the Court was told by Solicitor General Tushar Mehta that various aspects of the issue were being considered by the Union Finance Ministry and the RBI in consultation with the banks. However, a period of two weeks more was required for the affidavit to be filed. The Court asked the Centre to come up with concrete decisions on the issues. Senior Counsel Kapil Sibal, appearing for real estate associations,…
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03Sep 2020 by Asmeet No Comments

Banks cannot declare new NPA’s after August 31, 2020 until further orders: Supreme Court

Banking and Finance
The Superme Count has ordered that Loan accounts that are not NPAs before August 31, 2020 cannot be declared as NPAs untill further orders The relief granted by the Supreme Court today is of interim in nature.The Supreme Court Bench to resume hearing in the case on Thursday, September 10 at 10.30 AM.The Supreme Court is considering the question of interest to be charged on interest as well as the powers of the Centre and the NDMA under the Disaster Management Act to provide relief on aspect of loan repayment during COVID19 pandemic. A three Judge Bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah issued the interim order today
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