RBI Responsible for Monitoring Compliance of Loan Moratorium Circular: HC

Velankani Information Systems Limited Vs Secretary, Ministry of Home Affairs Government of India (Karnataka High Court) The issue under consideration is whether denying to grant moratorium by banks regarding payment of all term loan installments during lockdown is justified in law? In the present case, the petitioner is the owner of a Technology Park and a five-star hotel in Bangalore. The Petitioner had availed term loan facilities from Respondent Nos. 5 to 7 viz., HDFC Bank Limited, Federal Bank and Aditya Birla Finance Limited. The business had to be closed down owing to the nation-wide loc...