SC rejects request for instructions for banks to count 90 days for postcode declaration from 23 March
New Delhi: A bench of two Supreme Court judges, led by Judge DY Chandrahud and also including Judge MR Shah, refused to hear the petition filed by lawyer-cum-petitioner, Vishal Tiwari, asking for directions to modify his judgment of March 23, 2021 and order that the deadline for declaring any bad debt account (APM) runs from the date of the judgment pronounced. âThese are all policy issues, we cannot interfere with the petition, sorry,â Judge Chandrachud said, adding that the petition is not maintainable.Also Read – Karnataka 2021 SSLC Examination: Plea Filed To Karnataka High Court To Cancel Exams | Deets inside
The judgment has already been handed down in the loan moratorium case and the prayer requested by Tiwari is very different, the Supreme Court bench said. The judges questioned Tiwari about the need to file an amendment request, which is filed when there is a need for name correction or some type of correction required in the case. Also Read – What is happening is terrible: Supreme Court issues center notice to allow authorities to arrest people under scrapped law
Tiwari replied that the reason he filed a request for modification is because the Reserve Bank of India (RBI) has issued a circular and there is a 7 day period from the date of the judgment to consider the counts as a non-performing loan. Also Read – CA 2021 Exams: Old Course Students Request ICAI For Additional Attempt. Details here
Tiwari, in his petition filed in the Apex Court, said the last paragraph of the order reads: “Accounts which were considered to be standards and were not declared NPA until August 31, 2020 , should not be declared ZIP, until further orders. This meant that the accounts had to be considered standard. “
Tiwari said such a court order was a relief for commercial borrowers, who were facing severe financial hardship due to the sudden outbreak of COVID-19 and the subsequent imposition of a full lockdown by the Indian government. to restrict the transmission of COVID-19[FEMININE[FEMININE
Such an order suspending the non-taxation of the NPA by banks against borrowers was overturned by the judgment of March 23, 2021, and therefore banks in accordance with the law can impose the NPA of a standard account in the event of default, Tiwari said. .
Typically, in legal parlance, a borrower’s standard account can be declared NPA if there is a repayment of 90 days or more, Tiwari said in his petition.
Therefore, it needs to be clarified and ordered by the Apex Court that the 90-day period for calculating the standard account statement as an NPA should start from the day of judgment in this batch of claims, Tiwari said in his request.
Tiwari urged the court to clarify / modify and orient the judgment / order of March 23, 2021, in order to avoid any practical or sensitive issues that may arise in the future on the issue of classifications.