MUMBAI: The Indian judiciary has taken up the task of providing relief to distressed companies during the covid-19 outbreak, even in cases where regulators have not seen any merit.
Some of these pertain to cases where borrowers petitioned courts seeking delay in repayment obligations owing to disruptions caused by coronavirus.
One such instance includes an order by the Delhi High Court in a case between Anant Raj Ltd, a real estate company, and Yes Bank on 6 April.
In this case, the court said that the bank cannot classify the borrower as non-performing because it was after Reserve Bank of India’s (RBI) moratorium date of 1 March.