The Supreme Court has passed an interim order directing that any account which was not a Non-Performing Asset (NPA) till 31 August 2020 shall not be declared as an NPA by banks till further orders. The interim order was passed in a batch of petitions seeking a waiver on interest levied on term loans during the six month (March to August) moratorium on repayment allowed by the RBI. The matters were adjourned to 10 September 2020 for further hearing on the Central Government /RBI’s response on the pending issue.
To refer to the interim order dated 3 September 2020, click here.
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