The Delhi High Court has issued notice to the Centre and Reserve Bank of India on a plea seeking direction to allow one time restructuring of loans by all banks and non-banking financial companies (NBFCs) in the wake of Coronavirus-Induced lockdown.
A single-judge bench of Justice Navin Chawla has issued notice to Reserve Bank of India, Union of India & NHAI to file their reply on the petition filed by Bharat Road Network Limited and Ors.
The petitioner contended that Bharat Road Network Ltd is a public listed company focused on the development, implementation, operation and maintenance of Roads like Highways Project on Build-Operate-Transfer basis undertaking through the group companies.
“The present Petition is regarding the restructuring of the loan accounts of the petitioners due to deterioration of the financial landscape of the economy,” said the plea.
“Due to lockdown commercial, private and industrial establishments and all transport services activities were suspended,” it said.
Read the order here;
-India Legal Bureau
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