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Yes bank can't declare firm NPA for non- payment of loan due to coronavirus: HC

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The court was hearing a plea by a real estate company seeking direction to the bank not to take any coercive steps for its failure to pay loan installments since January this year New Delhi: The Delhi High Court Monday said that prima facie Yes Bank could not have declared a private company's account as non-performing asset (NPA) for its failure to pay loan installments due to coronavirus pandemic.

Justice Sanjeev Sachdeva, who conducted the hearing through video conferencing, took on record the statement made by the counsel for Anant Raj Ltd that it will make payment on or before April 25, the instalment which fell due as on January 1, 2020 along with the interest accrued till the date of payment irrespective of the lockdown position. “Pr

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