New Delhi: Delhi High Court has issued notice to the Central government, Reserve Bank of India (RBI) and others on a plea seeking directions to allow a one-time restructuring of loans by all banks and non-banking financial companies (NBFCs) in the wake of coronavirus-induced lockdown.
A bench of Justice Navin Chawla on Wednesday asked the RBI, Union of India, and National Highways Authority of India (NHAI) to file their reply on the petition filed by Bharat Road Network Ltd (BRNL).
Senior advocate Nidhesh Gupta, appearing for BRNL, requested the court to allow a one-time restructuring of loans as a relief measure to the industries, companies, retail customers to ensure that they are not classified as non-performing assets after the lockdown.
BRNL told the court that due to lockdown commercial, private and industrial establishments and all transport services were suspended which affected inter-district and inter-state movement of passenger vehicles and buses is permitted with restrictions except in containment zones, with mutual consent of States/UTs.
Read:|PSBs disburse Rs 12,201-cr loan to MSMEs under emergency credit line scheme
According to the petition, Bharat Road Network Ltd (BRNL) is a public listed company focused on the development, implementation, operation, and maintenance of Roads like Highways Projects on Build-Operate-Transfer basis undertaking through the group companies.