{"id":7054643,"date":"2026-09-02T11:28:14","date_gmt":"2026-09-02T11:28:14","guid":{"rendered":"https:\/\/peraltafinancing.com\/uncategorized\/modi-fied-stimuli-and-regulatory-responses-2\/"},"modified":"2026-09-02T11:28:14","modified_gmt":"2026-09-02T11:28:14","slug":"modi-fied-stimuli-and-regulatory-responses-2","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7054643","title":{"rendered":"MODI-FIED STIMULI AND REGULATORY RESPONSES"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<head>\n<link href=\"https:\/\/www.blogger.com\/static\/v1\/widgets\/2872013778-css_bundle_v2.css\" rel=\"stylesheet\" type=\"text\/css\"\/>\n<meta content=\"width=1100\" name=\"viewport\"\/><br \/>\n<meta content=\"text\/html; charset=UTF-8\" http-equiv=\"Content-Type\"\/><br \/>\n<meta content=\"blogger\" name=\"generator\"\/>\n<link href=\"https:\/\/clearlaw4all.blogspot.com\/favicon.ico\" rel=\"icon\" type=\"image\/x-icon\"\/>\n<link 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id=\"wp_automatic_ReadabilityBody\"><\/p>\n<div class=\"content\">\n<div class=\"content-outer\">\n<div class=\"fauxborder-left content-fauxborder-left\">\n<div class=\"content-inner\">\n<header>\n<\/header>\n<div class=\"main-outer\">\n<div class=\"fauxborder-left main-fauxborder-left\">\n<div class=\"region-inner main-inner\">\n<div class=\"columns fauxcolumns\">\n<p><!-- corrects IE6 width calculation --><\/p>\n<div class=\"columns-inner\">\n<div class=\"column-center-outer\">\n<div class=\"column-center-inner\">\n<div class=\"main section\" id=\"main\" name=\"Main\">\n<div class=\"widget Blog\" data-version=\"1\" id=\"Blog1\">\n<div class=\"blog-posts hfeed\">\n<div class=\"date-outer\">\n<div class=\"date-posts\">\n<div class=\"post-outer\">\n<div class=\"post hentry uncustomized-post-template\" itemprop=\"blogPost\" itemscope=\"itemscope\" itemtype=\"http:\/\/schema.org\/BlogPosting\">\n<meta content=\"1259319595464385843\" itemprop=\"blogId\"\/><br \/>\n<meta content=\"7012011179446547783\" itemprop=\"postId\"\/><br \/>\n<a name=\"7012011179446547783\"\/><\/p>\n<h3 class=\"post-title entry-title\" itemprop=\"name\">\nCOVID-19: MODI-FIED STIMULI AND REGULATORY RESPONSES<br \/>\n<\/h3>\n<div class=\"post-body entry-content\" id=\"post-body-7012011179446547783\" itemprop=\"description articleBody\">\n<div dir=\"ltr\" style=\"text-align: left;\" trbidi=\"on\">\n<\/p>\n<div align=\"center\" class=\"MsoNormal\" style=\"line-height: 150%; text-align: center;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Part-II:<br \/>\nRBI\u2019s Covid-19 Loan Moratorium &amp; Judicial Responses<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">RBI\u2019s<br \/>\nCovid-19 Interventions &amp; Relief Measures:<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">The Reserve Bank of India (\u201cRBI\u201d), as the Central Bank<br \/>\nof our country, did not remain a mute witness in the face of the Covid-19<br \/>\nglobal pandemic.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Taking a cue from the<br \/>\nvarious steps initiated by the Modi Government for the prevention and control<br \/>\nof the local transmission of the disease, the RBI for its part devised and put<br \/>\nin place operational and business continuity plans for the banking sector, with<br \/>\na view to ensuring that one of the major critical infrastructures of any<br \/>\ncountry, is not derailed by the rapid spread of the disease. <span style=\"mso-spacerun: yes;\">\u00a0<\/span>On March 16, 2020, RBI issued advisories to<br \/>\nall the scheduled commercial banks, local area banks, small finance banks,<br \/>\npayment banks, urban cooperative banks and Non-Finance Business Companies<br \/>\n(\u201cNBFCs\u201d) aimed at (a) devising strategy and monitoring mechanism concerning<br \/>\nthe spread of the disease within the said organisations and their employees and<br \/>\nto prevent spread of panic amongst staff and members of the public; (b) taking<br \/>\nstock of critical processes and revisiting business continuity plans to prevent<br \/>\nany disruption of banking services due to absenteeism arising from infections<br \/>\nor quarantine of employees; <span style=\"mso-spacerun: yes;\">\u00a0<\/span>(c)<br \/>\nsensitizing employees at all levels on preventive measures from time to time;<br \/>\n(d) encourage their customers to use digital banking facilities as far as<br \/>\npossible and it also called upon the sector to constitute a Quick Response Team<br \/>\nto monitor the situation closely from business and social perspective<b style=\"mso-bidi-font-weight: normal;\">(1)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>The RBI had since March 19 sequestered and quarantined <span style=\"mso-spacerun: yes;\">\u00a0<\/span>a cross-disciplinary and critical team of 150<br \/>\nofficials to operate from a remote location in a hotel (away from their homes<br \/>\nso as not to be affected by Covid-19) closer to its data centre so that it can<br \/>\ncontinue to seamless operate, issue advisories and directives to the banking<br \/>\nsector, maintain its oversight and control over the sector, protect its data<br \/>\ncentres and run the entire gamut of RBI activities on a 24X7 basis without any<br \/>\nhindrance during the pandemic<b style=\"mso-bidi-font-weight: normal;\">(2).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/b>In this fashion, RBI managed not only to<br \/>\nstay afloat without being down and drowned in the gulf of the global pandemic,<br \/>\nbut, also managed to provide critical leadership and direction to the banking<br \/>\nsector in the country paving way for the continued availability and<br \/>\naccessibility to the banks, ATMs and their digital payment platforms even when<br \/>\nthe entire country had remained in lockdown which is no mean an achievement<br \/>\nconsidering the massive population, technology barriers and social and geographical<br \/>\nchallenges of our country.<b style=\"mso-bidi-font-weight: normal;\"><u\/><\/b><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">RBI\u2019s<br \/>\nCovid-19 Loan Moratorium Announcements:<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Recognising the extraordinary and unprecedented<br \/>\nsituation caused by Covid-19 outbreak, the RBI had been in action on an almost<br \/>\ndaily basis to alleviate the financial stress, build confidence and keep the<br \/>\nfinancial system sound and functional.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>It recognized the significance of mitigating the burden of debt<br \/>\nservicing brought about by disruptions on account of Covid-19 pandemic and<br \/>\ndecided to devise moratorium on term loans; deferring interest payments on<br \/>\nworking capital; easing of working capital financing, amongst others.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In line with the same, all commercial banks<br \/>\n(including regional rural banks, small finance banks and local area banks),<br \/>\nco-operative banks, all-India Financial Institutions and NBFCs (including housing<br \/>\nfinance companies and micro-finance institutions) (\u201cLending Institutions\u201d) were<br \/>\npermitted by its March 27, 2020 announcement to allow a moratorium of three<br \/>\nmonths on payment of installments in respect of all term loans outstanding as<br \/>\non March 1, 2020<b style=\"mso-bidi-font-weight: normal;\">(3)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The said announcement also permitted the<br \/>\nLending Institutions to allow deferment of three months on the payment of<br \/>\ninterest in respect of working capital facilities such as cash credit\/overdraft<br \/>\nso as to collect the accumulated interest for the period after the expiry of<br \/>\nthe deferment period.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>It also took care<br \/>\nto stipulate that the moratorium on term loans and the deferring of interest<br \/>\npayments on working capital shall not result in asset classification downgrade<br \/>\ni.e. NPA declaration or as a default for the purposes of reporting to the credit<br \/>\ninformation companies or have any adverse impact on the credit history of the<br \/>\nborrowers.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Soon, the Indian Banking<br \/>\nAssociation clarified on April 1, 2020 that this RBI announcement will be<br \/>\napplicable to all term loans (including agricultural term loans, retail, crop<br \/>\nloans and loans under Pool Purchases) and cash credit\/overdraft facilities<br \/>\nwhose accounts were standard assets as on 1<sup>st<\/sup> March 2020<b style=\"mso-bidi-font-weight: normal;\">(4)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>It was also clarified that due to this relief package no penal interest<br \/>\nor charges will be payable to the banks and SEBI had also allowed Credit Rating<br \/>\nAgencies not to consider the delay as default by listed companies.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Indian Banking Association also assured that<br \/>\nthe borrowers need not get upset if any bank staff or its collection agents<br \/>\napproach for repayment and that all that they need to inform is that they wish<br \/>\nto avail the benefit of being extended under the regulatory package.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>It was also clarified that the RBI moratorium<br \/>\nwill also apply to credit card dues.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">In continuation to its earlier announcement dated<br \/>\nMarch 27, RBI realized that the onset of Covid-19 had exacerbated the<br \/>\nchallenges of borrowers even to honour their commitments which had fallen due<br \/>\non or before February 29, 2020 in standard accounts.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Hence, it directed the Lending Institutions to<br \/>\ngrant moratorium or deferment to all accounts which were standard as on March<br \/>\n1, 2020 by excluding the moratorium period from the 90-day NPA norm i.e. to<br \/>\neffect a standstill in the asset classification for all such accounts from<br \/>\nMarch 1, 2020 to May 31, 2020<b style=\"mso-bidi-font-weight: normal;\">(5)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In view of the extension of the lockdown and<br \/>\ncontinuing disruptions on account of Covid-19, on May 22, 2020, RBI permitted<br \/>\nthe Lending Institutions to extend moratorium by another three months i.e. from<br \/>\nJune 1, 2020 to August 31, 2020, both in respect of the term loans and working<br \/>\ncapital facilities and also clarified that the asset classification would be<br \/>\nsubject to a standstill from March 1, 2020 to August 31, 2020<b style=\"mso-bidi-font-weight: normal;\">(6)<\/b>.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Covid-19<br \/>\nMoratorium and Judicial Responses:<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">While the RBI had initiated laudable relief packages<br \/>\nto borrowers who were having difficulty in servicing their loan obligations,<br \/>\nthe judiciary, also rose up to the occasion and doled out reliefs<br \/>\nliberally.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>As \u2018procedure is only a handmaiden<br \/>\nof justice\u2019, the higher judiciary in this country accepted online writ<br \/>\npetitions and suits and entertained the submissions of the counsels through<br \/>\nvideo conferencing and orders were passed subject to the condition that court<br \/>\nfees and other filing formalities will need to be complied with by the<br \/>\napplicants with a timeframe after lockdown is formally lifted.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In this fashion, in order to protect critical<br \/>\noperations and asset classifications as well as the inescapable consequences<br \/>\nthat may befall on a borrower being declared NPA during the Covid-19 pandemic <i style=\"mso-bidi-font-style: normal;\">de hors<\/i> the RBI announcements, the higher<br \/>\njudiciary moulded and granted equitable reliefs which we will trace briefly<br \/>\nhereunder.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Intervention<br \/>\nin SARFAESI proceedings during lockdown:<u\/><\/span><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">The Karnataka High Court intervened and granted<br \/>\ninterim protection to borrowers restricting the banks from auctioning the<br \/>\nsecured properties initiated under the SARFAESI Act during the lockdown period<b style=\"mso-bidi-font-weight: normal;\">(7)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>Andhra Pradesh High Court came to the rescue of a defaulting borrower<br \/>\nand instead of auctioning the hospital mortgaged with banks under the SARFAESI<br \/>\nAct which would lead to closure of its operations, the Court accepted the<br \/>\nrequest of the borrower to use the hospital alongwith their doctors and the<br \/>\nmedical facilities available therein to treat Covid-19 patients <span style=\"mso-spacerun: yes;\">\u00a0<\/span>until further orders<b style=\"mso-bidi-font-weight: normal;\">(8)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The Delhi High Court<br \/>\npermitted a borrower and his family with minor children who was disposed of the<br \/>\nsecured property under SARFAESI Act to temporarily re-occupy a portion of the<br \/>\nsecured property until lockdown is lifted<b style=\"mso-bidi-font-weight: normal;\">(9)<\/b>.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Intervention<br \/>\nin Sale of Pledged Shares and Credit Rating Downgrade during lockdown:<u\/><\/span><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">The Bombay High Court restrained a debenture trustee by<br \/>\nway of interim injunction against the sale of the shares pledged by the<br \/>\nborrower when the share values had collapsed in the market during Covid-19<br \/>\nlockdown<b style=\"mso-bidi-font-weight: normal;\">(10)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>An injunction was issued to restrain a credit<br \/>\nrating agency from proceeding to downgrade the credit rating of the borrower<b style=\"mso-bidi-font-weight: normal;\">(11)<\/b>.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Intervention<br \/>\nin NPA Declaration during lockdown:<u\/><\/span><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">The Delhi High Court came to the rescue of a borrower by<br \/>\nliberally interpreting RBI\u2019s moratorium announcement to cover default periods<br \/>\nfalling earlier to March 1, 2020 thereby temporarily restraining the bank<br \/>\nagainst declaring such account as NPA<b style=\"mso-bidi-font-weight: normal;\">(12)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The Bombay High Court in similar<br \/>\ncircumstances took a view to protect both the borrower and the bank\u2019s interests<br \/>\nand passed interim order directing the borrower to regularize the defaulted<br \/>\ninstalments prior to March 1, 2020 so as to take benefit of the RBI moratorium<br \/>\norder within a timeframe fixed by it and in the meanwhile restrained the bank<br \/>\nfrom selling the pledged shares or declare the account as NPA<b style=\"mso-bidi-font-weight: normal;\">(13) <\/b>and relying on this decision,<br \/>\nalthough a writ petition (and not a commercial suit) was preferred against a<br \/>\nprivate bank, notwithstanding the non-maintainability of writ petition and<br \/>\nother defects in the writ petition, the Bombay High Court once again balanced<br \/>\nboth the borrower and bank\u2019s interest in view of the Covid-19 and lockdown by<br \/>\ntemporarily injuncting the bank from declaration of NPA till the lockdown<br \/>\nperiod subsists and subject to the condition that the petitioner regularize the<br \/>\nearlier two monthly instalments which had fallen due prior to March 1, 2020<b style=\"mso-bidi-font-weight: normal;\">(14)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>The Delhi High Court restrained byway of <span style=\"mso-spacerun: yes;\">\u00a0<\/span>an interim injunction a bank from declaring<br \/>\nthe borrower\u2019s account as NPA as it could not collect fees from its students<br \/>\nduring the lockdown period in view of the orders issued by the Uttar Pradesh<br \/>\nGovernment directing educational institutions not to collect fees from students<br \/>\nduring the lockdown<b style=\"mso-bidi-font-weight: normal;\">(15)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The Delhi High Court also granted interim<br \/>\ninjunction against the invocation and encashment of bank guarantees until such<br \/>\ntime the National Company Law Tribunal (which had closed its sittings) resumes<br \/>\nits hearings in view of the lockdown<b style=\"mso-bidi-font-weight: normal;\">(16)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Telangana High Court restrained by way of<br \/>\ninterim injunction a bank from debiting amounts due under Letters of Credit<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>or taking other coercive steps including<br \/>\nimposition of ancillary interest<b style=\"mso-bidi-font-weight: normal;\">(17)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Delhi High Court once again granted the restoration<br \/>\nof <i style=\"mso-bidi-font-style: normal;\">status quo ante<\/i> to a borrower\u2019s<br \/>\naccount rather than declaring it NPA in terms of the RBI\u2019s moratorium announcement<br \/>\nby directing it to regularize the past defaults which arose in December 2019<b style=\"mso-bidi-font-weight: normal;\">(18)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>Assessment orders passed by income tax authorities in disregard to the<br \/>\nlockdown period and rejecting the requests for adjournment were set aside and liberty<br \/>\nwas granted to the authorities to issue fresh showcause notices after the<br \/>\nlockdown is lifted by granting due opportunities to the assessee<b style=\"mso-bidi-font-weight: normal;\">(19)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>In the light of its earlier orders, the Delhi High Court once again<br \/>\nrestrained a financial institution from taking any coercive action against the<br \/>\nborrower including declassification of it in relation to a factoring facility<br \/>\navailed by it<b style=\"mso-bidi-font-weight: normal;\">(20)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>During the lockdown period, the Delhi High<br \/>\nCourt had also restrained the disconnection of the interconnecting feeder lines<br \/>\nof the wind turbine generators and power generation to the pooling substation<br \/>\nuntil further orders<b style=\"mso-bidi-font-weight: normal;\">(21)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The Supreme Court had also issued a direction<br \/>\nto the RBI to ensure the implementation of its moratorium announcement dated<br \/>\n27.03.2020 in its letter and spirit<b style=\"mso-bidi-font-weight: normal;\">(22)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The Delhi High Court had also restrained a<br \/>\nbank in relation to the borrower (which is an NBFC having several fixed<br \/>\ndeposits created with the bank) from not insisting on replenishment of the<br \/>\namount till the next hearing<b style=\"mso-bidi-font-weight: normal;\">(23)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Delhi High Court had also directed the RBI to<br \/>\npermit customers during the pandemic from withdrawing their money from their<br \/>\naccounts by relaxing the moratorium against withdrawal from the PMC Bank<b style=\"mso-bidi-font-weight: normal;\">(24)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>Rajasthan High Court restrained a secured lender from auction and sale<br \/>\nof the property of the borrower in a very unusual manner to third parties despite<br \/>\nthe borrower was willing to purchase the same<b style=\"mso-bidi-font-weight: normal;\">(25).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/b>However, the Delhi<br \/>\nHigh Court refused to grant injunction against the encashment of bank<br \/>\nguarantees established on behalf of the contractor despite recognizing that<br \/>\nCovid-19 constitutes <i style=\"mso-bidi-font-style: normal;\">force majeure<\/i>, since<br \/>\nthe contractor had committed the contractual breaches and default well before<br \/>\nthe Covid-19 pandemic arose and lockdown was imposed in the country<b style=\"mso-bidi-font-weight: normal;\">(26).<\/b><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">It would be evident from the above that taking a cue<br \/>\nfrom the Modi 2.0 Government\u2019s resolve to grant reliefs and ameliorative<br \/>\nmeasures to the borrowers during the Covid-19 pandemic, the RBI, as a<br \/>\nregulator, and the higher judiciary reveled each other in coming to the rescue<br \/>\nof the hapless borrowers who were\/are bearing the brunt of the pandemic with<br \/>\ntheir businesses hit and employees affected and revenue streams having almost<br \/>\ndried up.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>It is heartening to note that<br \/>\nall the powers that be are working in a mission mode during this hour of<br \/>\nunprecedented crisis and it is only satisfying that law and its just<br \/>\nenforcement has not lagged behind in this regard.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(1)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>RBI<br \/>\nLetter No.RBI\/2019-20\/172 DoS.CO.PPG.BC.01\/11.01.005\/2019-20 dated March 16,<br \/>\n2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(3)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>RBI<br \/>\nGovernor\u2019s Statement \u2013 Seventh Bi-monthly Monetary Policy Statement, 2019-20,<br \/>\nMarch 27, 2020 and RBI Press Release No.2019-2020\/2130 dated March 27, 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(4)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Frequently<br \/>\nAsked Questions: RBI Allowed Banks to Declare Moratorium on Term Loans, issued<br \/>\nby Press Information Bureau on April 1, 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(5)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>RBI<br \/>\nGovernor\u2019s Statement, April 17, 2020 and RBI reference No.2019-RBI\/2019-20\/220<br \/>\nDOR.No.BP.BC.63\/21.04.048\/2019-20 dated April 17, 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(6)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>RBI<br \/>\nPress Release No.2019-2020\/2392 dated May 22, 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(7)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>Order<br \/>\ndated 24.03.2020 in W.P.No.6632, 6641, 6643, 6645 and 6653 of 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(8)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Purna Sai Hospitals vs. Syndicate Bank and<br \/>\nAnr.<\/i> Order dated 31.03.2020 in W.P. No.8150\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(9)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Ajay Kumar vs. IIFL Home Finance Limited<\/i><br \/>\nOrder dated 09.04.2020 passed in W.P.(C) 2958\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(10)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Rural Fairprice Wholesale Limited &amp; Anr.<br \/>\nvs. IDBI Trusteeship Services Limited &amp; ors.<\/i> Order dated 30.03.2020<br \/>\npassed in commercial suit No.(L) 307\/2020. <\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(11)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">India Bulls Housing Finance Ltd. Vs.<br \/>\nSecurities Exchange Board of India and Anr.<\/i> Order dated 03.04.2020 passed<br \/>\nin W.P.(C) Urgent No.7\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(12)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Anant<br \/>\nRaj Limited vs. Yes Bank Ltd.<\/i> Order dated 06.04.2020 in W.P.(C) Urgent 5\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(13)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span>Order dated 07.04.2020 in Commercial Suit<br \/>\nNo.LD-VC-7 of 2020 alongwith IA No.LD-VC-7(IA) of 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(14)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Transcon<br \/>\nSkycity Pvt. Ltd. And Ors vs. ICICI Bank and Ors.<\/i> Order dated 11.04.2020<br \/>\npassed in W.P. Nos.LD-VC No.28 &amp; 30 of 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(15)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Shakuntla<br \/>\nEducational &amp; Welfare Society vs. Punjab &amp; Sind Bank<\/i> Order dated<br \/>\n13.04.2020 passed in W.P.(C) No.2959\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(16)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Ashwini<br \/>\nMehra vs. Indian Oil Corporation Limited and Ors<\/i>. Order dated 17.04.2020<br \/>\npassed in W.P.(C) No.2966\/2020 &amp; CM Appeals.10297-99\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(17)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Pennar<br \/>\nIndustries Limited &amp; Anr. vs. Reserve Bank of India and Anr.<\/i> order<br \/>\ndated 01.05.2020 passed in I.A No.3 of 2020 in WP No.6573\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(18)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">JR<br \/>\nToll Road Private Limited vs. Yes Bank Ltd.<\/i> Order dated 17.04.2020 passed<br \/>\nin W.P (C) No.2970\/2020<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(19)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span> <i style=\"mso-bidi-font-style: normal;\">BT<br \/>\nIndia Private Limited vs. Income Tax Officer<\/i> Order dated 22.04.2020 passed<br \/>\nin W.P.(C) Nos.2981 &amp; 2984 of 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(20)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Eastman<br \/>\nAuto &amp; Power Limited vs. Reserve Bank of India and Ors.<\/i> Order dated<br \/>\n27.04.2020 passed in W.P.(C) No.2997\/2020 &amp; CM Appl. 10397-10399 of 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(21)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Vanilla<br \/>\nClean Power Pvt. Limited and Anr. vs. Inox Wind Infrastructure Services Limited<\/i><br \/>\nOrder dated 29.04.2020 passed in OMP.(I) (Comm) 103 &amp; 104 of 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(22)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Kamal<br \/>\nKumar Kalia vs. Union of India and Anr.<\/i> Order dated 30.04.2020 passed in Diary<br \/>\nNo.10955\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(23)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">India<br \/>\nBulls Housing Finance Ltd. vs. HDFC Bank Ltd. &amp; Ors.<\/i> Order dated<br \/>\n01.05.2020 passed in W.P (C) 3033\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(24)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Bejon<br \/>\nKumar Mishra vs. Union of India &amp; Ors.<\/i> Order dated 28.05.2020 in W.P(C)<br \/>\n11543\/2019<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(25)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Gyanesh<br \/>\nKumar Sharma and Anr. vs. RBI &amp; Ors.<\/i> Order dated 29.05.2020 in S.B.<br \/>\nCivil WP No.5748\/2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 107%;\">(26)<span style=\"mso-tab-count: 1;\">\u00a0\u00a0\u00a0 <\/span><i style=\"mso-bidi-font-style: normal;\">Halliburton<br \/>\nOffshore Services Inc. vs. Vedanta Limited &amp; Anr.<\/i> Order dated<br \/>\n29.05.2020 in OMP(I) (Comm.) No.88\/2020 &amp; I.A.s.3696-3697\/2020.<\/span><\/div>\n<p><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!-- columns -->\n<\/div>\n<p><!-- main -->\n<\/div>\n<\/div>\n<\/div>\n<footer>\n<\/footer>\n<p><!-- content -->\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!--It is your responsibility to notify your visitors about cookies used and data collected on your blog. Blogger makes a standard notification available for you to use on your blog, and you can customise it or replace it with your own notice. 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