20-April-2024
Banking
 
Let us declare NPAs, banks to Supreme Court; govt pleads against sector-specific relief
28-Nov-2020

The Indian Banks’ Association on Friday made a strong case for vacation of the Supreme Court order that restrained banks from classifying accounts as NPA. Senior counsel Harish Salve, appearing for IBA, vehemently urged a Bench led by justice Ashok Bhushan to vacate its order of September 3 that directed banks against declaring loan accounts that were not NPAs prior to August 31. Solicitor general Tushar Mehta, appearing for the Centre, urged the apex court not to delve into the issue of sector-specific loan repayment reliefs and the issue should be left to be resolved between lender banks and borrowers. The apex court had last week asked RBI to respond to the power producers’ demands for various benefits, including restructuring of their loans, under the recent central bank circular on debt recast.

News Source:- https://www.financialexpress.com/industry/banking-finance/let-us-declare-npas-banks-to-sc-govt-pleads-against-sector-specific-relief/2138363/