Maharashtra Chambers of Housing Industry says accrual of interest on the loan amount would place monetary burden on the real estate industry NEW DELHI : Maharashtra Chambers of Housing Industry (MCHI) has approached Supreme Court on Monday challenging the 27 March Reserve Bank of India (RBI) which had granted three-month loan moratorium from paying EMIs and other loans amidst the nationwide lockdown due to Covid-19.
MCHI argues that accrual of interest on the loan amount would place monetary burden on the real estate industry. Additionally, as per the petitioner it would also force them to wind up the business and they would also become a part of the unemployment cycle.