Whether the moratorium as envisaged by the RBI’s circular dated 27.03.2020 would be applicable to installments which became payable on or before 01.03.2020- Shakuntla Educational& Welfare Society Vs. Punjab & Sind Bank -Delhi High Court
HC held that having considered the submissions of the learned counsel for the parties, I find that the respondent does not dispute the position that in case the petitioner had, at any time, on or before 31.03.020, made the payment qua the instalments, which had fallen due on 31.12.2019, the respondent could not have declared the petitioner’s aforesaid accounts as NPA. In the light of this position, in my view, irrespective of the question, as to whether, the moratorium as envisaged by the RBI’s circular dated 27.03.2020 would be applicable to the petitioner qua the instalments, which question can be determined only after completion of pleadings and considering the stand of the RBI, the fact remains that in view of the lockdown in the country as also the undisputed position that the petitioner still had time to make the payment of the due instalments till 31.03.2020, before which date on account of the lockdown and directive issued by the State Government, it has been prevented from demanding the due fees from the students of its various institutes. I also find myself in agreement with the observation of the Coordinate Bench in Anant Raj Limited (supra) that the intention of the RBI while issuing the regulatory package was to maintain status quo with regard to the classification of accounts of the borrowers as they existed on
01.03.2020.
