‘Levy of Interest during Moratorium Takes Away Benefit’: Plea in Supreme Court

Case Name: CREDAI –Maharashtra Chambers of Housing Industry & Anr vs. Union of India & Anr.

The Maharashtra Chambers of Housing Industry – Thane Unit has approached the Supreme Court of India vide a Writ Petition under Article 32 of the Constitution of India challenging the decision of the Reserve Bank of India to allow levy interest during the 6-month moratorium period announced in the wake of COVID-19 lockdown.

The plea state that “The action of imposition of interest during the moratorium period is “completely devastating, wrong and in a way has taken away the benefit of imposing moratorium”. The Petition is likely to be listed this week.

By Priyanka of SPPU