COVID 19 | Del HC | Yes Bank to file response in urgent petition seeking restraint from declaration of petitioner as NPA amid COVID-19

Delhi High Court: Sanjeev Sachdeva, J. addressed the urgent matter with regard to a direction being sought to Yes Bank regarding not taking any coercive steps against petitioner.

Yes Bank Limited had through emails informed the petitioner that his account will be declared as non-performing asset, due to non-payment of installments for the months of January and February, 2020.

Advocates for the petitioner, Saket Sikri and Nikhil Singhvi, contended that in view of the RBI Circular dated 27-03-2020, respondent cannot declare the account of petitioner as a non-performing asset and any action in that regards needs to be deferred till 01-06-2020.

Advocate for the respondent Ashwani Chawla submitted that,

Moratorium is applicable only with regard to instalments which fell due after 01-03-2020 and are not applicable in respect of the instalments that had fallen due as on 01-03-2020

Further the advocate has asked time to file response for the same.

Thus Court while providing time for response has listed the matter for 03-04-2020. [Anant Raj Ltd. v. Yes Bank Ltd., 2020 SCC OnLine Del 493 , decided on 01-04-2020]

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