https://www.taxtmi.com/caselaws?id=396593 The court held that a writ petition is maintainable against private banks for enforcing public duties under the RBI Circular dated 27.03.2020, aimed at mitigating financial stress due to COVID-19. The Circular is mandatory for banks to ensure business continuity for affected borrowers. Banks have discretion in granting a moratorium but must not adversely affect viable businesses. The court rejected the denial of a moratorium based on loan structure and ruled that all lenders must ensure business continuity. The court issued a mandamus to the RBI for Circular enforcement, quashed moratorium rejections, and directed moratorium grants with interest payments. en-us Wed, 08 Jul 2020 00:00:00 +0530 Mon, 13 Jul 2020 10:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396593 The court held that a writ petition is maintainable against private banks for enforcing public duties under the RBI Circular dated 27.03.2020, aimed at mitigating financial stress due to COVID-19. The Circular is mandatory for banks to ensure business continuity for affected borrowers. Banks have discretion in granting a moratorium but must not adversely affect viable businesses. The court rejected the denial of a moratorium based on loan structure and ruled that all lenders must ensure business continuity. The court issued a mandamus to the RBI for Circular enforcement, quashed moratorium rejections, and directed moratorium grants with interest payments. Case-Laws Indian Laws Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396593