{"id":3023,"date":"2020-06-17T09:49:11","date_gmt":"2020-06-17T09:49:11","guid":{"rendered":"https:\/\/lexforti.com\/legal-news\/?p=3023"},"modified":"2021-01-17T06:11:01","modified_gmt":"2021-01-17T06:11:01","slug":"during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment","status":"publish","type":"post","link":"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/","title":{"rendered":"During the period of moratorium the banks cannot change the classification of the loan installment"},"content":{"rendered":"\n<p><strong>Abhinav Mishra| Kirit P. Mehta School of Law| 17th June 2020<\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_47_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-6a2fc0076a4d8\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-6a2fc0076a4d8\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/#Case_Name_Anant_Raj_Ltd_v_YES_Bank_Ltd\" title=\"Case Name: Anant Raj Ltd. v. YES Bank Ltd.\">Case Name: Anant Raj Ltd. v. YES Bank Ltd.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/#Facts\" title=\"Facts\">Facts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/#Holding\" title=\"Holding\">Holding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/#Brief_Analysis\" title=\"Brief Analysis\">Brief Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Case_Name_Anant_Raj_Ltd_v_YES_Bank_Ltd\"><\/span><strong>Case Name: Anant Raj Ltd. v. YES Bank Ltd.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The petitioner had filed a petition seeking direction for the respondents (YES Bank) to stop them from classifying the account of the petitioner as a Non-Performing asset (NPA). The Bench contains Mr. Justice Sanjeev Sachdeva.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Facts\"><\/span><strong>Facts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>As per petitioner he had availed bank loan facility during the&nbsp; period of 2010-15 from the respondent bank and thereafter bank extended further loan facilities to the petitioner vide sanction letters.<\/li><li>As per petitioner it had availed a loan of Rs. 1570 crores out which it had paid about Rs.1056 crores apart from the interest.<\/li><li>The petitioner contends that due to the COVID-19 pandemic the economic condition of real estate industry was adversely affected. The petitioner has been regularly servicing loan till 31\/12\/2019. It is stated that the instalment for repayment which fell due on 1\/1\/2020, which is the subject matter of the present petition is because of these adverse economic conditions.<\/li><li>As per respondent in terms of the Income Recognition and Asset Classification Guidelines(IRAC Guidelines) of the RBI if an instalment is due by a period of 30 days it is classified as Special Mention Account 1 (SMA-1), SMA-2 if its 60 days due and if its 90 days due it is classified as a NPA.<\/li><li>Further the respondent contended that since that the instalment was not paid till 31\/02\/2020, the account of the petitioner was liable to be classified as NPA.<\/li><li>The counsel on behalf of petitioner argued that in view of the pandemic the RBI has issued several guidelines to give benefit to the borrowers to ease the financial crisis.<\/li><li>The respondent however argued that the guidelines applied to instalment that fell due on 01\/03\/2020 and that the petitioner was already in default as on that date. The counsel referred to the clarification issued by letter dated 31\/03\/2020 by RBI to Indian banks association that default before 1<sup>st<\/sup> March cannot be said to be the result of economic fall due to pandemic.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Holding\"><\/span><strong>Holding<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The court was of the view that the classification of the account as an NPA on 31\/02\/2020 could not have been done by the respondent and accordingly the court restored the status quo ante&nbsp; and the classification of SMA-2 as it stood on 1\/03\/2020 was restored. The court taking the statement by the counsel for the petitioner held that it will pay on 25\/04\/2020, the instalment due on 01\/01\/2020 and listed the matter before the Roster Bench on 04\/05\/2020.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brief_Analysis\"><\/span><strong>Brief Analysis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The court while restoring the status quo ante as on 01\/03\/2020 reasoned that the change in classification as mentioned in the Regulatory package shows that RBI has stipulated that that the account which has been classified as SMA-2 cannot be further classification as an NPA in the moratorium period and thus the classification before the moratorium period would have to be maintained.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The court recognizing the intention behind the RBI guidelines, which was to ease the financial burden on the borrowers in the time of a pandemic, held that during the period of moratorium the banks cannot change the classification of the loan installment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abhinav Mishra| Kirit P. Mehta School of Law| 17th June 2020 Case Name: Anant Raj Ltd. v. YES Bank Ltd. Introduction The petitioner had filed a petition seeking direction for the respondents (YES Bank) to stop them from classifying the account of the petitioner as a Non-Performing asset (NPA). The Bench contains Mr. Justice Sanjeev [&hellip;]<\/p>\n","protected":false},"author":167,"featured_media":2731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[214],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>During the period of moratorium the banks cannot change the classification of the loan installment - LexForti<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lexforti.com\/legal-news\/during-the-period-of-moratorium-the-banks-cannot-change-the-classification-of-the-loan-installment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"During the period of moratorium the banks cannot change the classification of the loan installment - LexForti\" \/>\n<meta property=\"og:description\" content=\"Abhinav Mishra| Kirit P. 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