Rekha palli English news | Rekha palli, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Delhi High Court has directed Punjab and Sind Bank not to declare the pending loans of Shakuntla Educational and Welfare Society (SEWS) as non-performing assets (NPA) till May 4, the next date of hearing in the case.Justice Rekha Palli, while hearing a petition filed by the SEWS on Monday, directed the respondent to restrain from declaring the petitioner's accounts as NPA."It is, however, made clear that, in case, before the next date, the directive issued by the state of Uttar Pradesh prohibiting the petitioner from demanding fees from its students is withdrawn, the petitioner would be liable to forthwith pay the instalments within one week from the date of the said withdrawal," the court said.The court also issued a notice to the RBI seeking a direction to the respondent not to declare its pending loan accounts as non-performing assets and a direction to the respondent bank for grant of the moratorium of three months to it in terms of circular issued by the RBI.Shakuntla Educational and Welfare Society, a charitable society engaged in the business of technology and higher education, pleaded that it had availed six-term loans out of which four-term loans stand fully repaid in accordance with the restructured repayment plan.The Society, in its petition, said that before the instalments payable in March 2020, could be paid, the pandemic COVID-19 has set in and consequently the RBI provided a moratorium of three months in respect of all term loans as outstanding on March 1.The Society has said that it will pay the due loan amount within a week from the date of withdrawal of the state government's directive prohibiting the petitioner from collecting fees from the students.Punjab and Sind Bank opposed the grant of interim relief by primarily contending that the moratorium as envisaged by the RBI is applicable only qua instalments which became payable on or after March 1 and not qua those, which had become due prior to March 1.The bank submitted that as per the restructured payment plan, the petitioner was liable to make payment of quarterly instalments, and the default instalments in respect whereof the respondent is proposing to declare the petitioner's accounts as NPA.( With inputs from ANI )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Marathi Language Controversy

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Ahmedabad Plane Crash

Rekha PalliFOLLOW

Rekha palli, Latest News

Politics :Right to salary a fundamental right: Delhi HC

New Delhi, Jan 20 The Delhi High Court has pulled up the municipal corporations for the non-payment of ... ...

National :Delhi HC appreciates bar members for backing, assistance to clerks association amid COVID-19 crisis

The Delhi High Court has appreciated members of the bar association for supporting and granting assistance to the members of the clerks association in the times of COVID-19 pandemic. ...

National :Delhi HC allows candidate to participate in 2nd, subsequent rounds of NEET-PG 2020 counselling

Delhi High Court has directed authorities concerned to allow a candidate to participate in the second round and other subsequent rounds, if any, of all-India counselling for NEET-PG 2020 as per his eligibility.The court was hearing a petition filed b ...

National :Will pay sacked employees amount equal to 2 months salary: St Stephens hospital tells Delhi HC

The St Stephens Hospital management on Tuesday informed the Delhi High Court that it will pay the sacked employees an amount equivalent to their salary payable to them for the month of April and will also forthwith release their salary for March. ...

National :Delhi HC directs not to declare as NPAs Shakuntla Welfare Society's pending loans

Delhi High Court has directed Punjab and Sind Bank not to declare the pending loans of Shakuntla Educational and Welfare Society (SEWS) as non-performing assets (NPA) till May 4, the next date of hearing in the case. ...