New Delhi: The Supreme Court on Friday issued a notice to the Centre and Reserve Bank of India (RBI) on a petition filed by CREDAI over the issue whether all NBFCs are eligible for loan moratorium or whether the banks have the discretion to give benefit.
A bench comprising Justices L Nageswara Rao, SK Kaul and BR Gavai sought the response of the Reserve Bank of India and others on the plea of Confederation of Real Estate Developers' Associations of India (CREDAI) alleging that there was no clarity as to whether real estate developers are entitled to loan moratorium policy or not.
Senior advocate Harish Salve, appearing for the association, said that the main issue was as to what happened with the RBI circular and its applicability on real estate developers.
It was told that the circular was binding on the banks but some of the bank's are not expending the loan moratorium benefits to real estate developers, he said.
He said the RBI should clarify this.
