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Delhi HC while hearing a plea filed by Indiabulls Commercial Credit Limited directed SIDBI not to consider Indiabulls as a defaulter and refrain from taking any coercive action until they receive a favorable clarification from RBI.

Indiabulls has sought directions from the Delhi HC challenging the demand for the payment of loan installments by the Small Industries Development Bank of India (SIDBI) even after the moratorium allowed by the RBI.

Council appearing for Indiabulls submitted that they have duly submitted earlier installments for loan. Whereas, when Indiabulls made a request to SIDBI for grant of moratorium for a period of three months, the SIDBI responded stating that they are awaiting clarifications from RBI, as to whether, the circular will be applicable to NBFC like Indiabulls and further directed Indiabulls to make the payment towards the installment due in April, 2020.

However, the Counsel appearing for SIDBI contended that they have already received the payment from Indiabulls demanded under impugned communication, and said “…SIDBI is taking expeditious steps to get the necessary clarification from the RBI and contends that in any event, even if the demand from the next month is raised in due course, the petitioner will not be treated as a defaulter, till a clarification is obtained…”

The single judge bench comprising Justice Rekha Palli considering the contentions made by the counsel appearing for SIDBI held that SIDBI will not raise any further demand for the payment of loan instalments till it obtains a clarification from RBI. The Court also observed that if in case RBI clarifies that the circular with regards to moratorium is not applicable to Indiabulls then SDBI would be at liberty to demand loan installment amount in accordance with law.

-India Legal Bureau

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