Delhi high court on Tuesday passed an interim order restraining coercive action against mortgage lender IndiaBulls Housing Finance Limited (IHFL) for not paying the dues to its creditors.
Citing the Reserve Bank of India’s (RBI) 27 March circular, Senior advocate Rajiv Nayar appearing for IHFL through a hearing via videoconferencing said that it has become impossible for the company to effect recoveries of debts, owed to it by various institutions due to the regulatory measures announced by the central government, consequent to disruption on account of the covid-19 and to ensure the continuity of viable businesses.
The RBI circular relied upon by the company gave liberty to all banks and financial institution to allow a moratorium of three