Delhi HC asks Yes Bank to file response on private company's plea

The Delhi High Court on Wednesday asked the Yes Bank to file a response on a private company's plea regarding not to take coercive or adverse steps for its failure in paying loan instalments.

Justice Sanjeev Sachdeva asked Yes Bank to file the response on the plea and listed the matter for hearing on April 3.

The petition was filed by Anant Raj Limited seeking direction to respondent -- Yes Bank -- not to take coercive or adverse steps.

According to the petitioner, Yes Bank, through e-mails, have informed the former that since the instalments for the months of January and February 2020 are due and in case the amount due towards instalments are not paid by March 31, the account of the petitioner shall be declared as a non-performing asset.

The petitioner argued that in view of the RBI circular dated March 27, which gives moratorium on terms of loan, the respondent cannot declare the account of the petitioner as a non-performing asset and have to defer any coercive action till June 1.

The counsel, appearing for Yes Bank, contended that the moratorium is applicable only with regard to instalments which fell due after March 1 and are not applicable in respect of the instalments and sought time to file reply.