https://www.taxtmi.com/caselaws?id=458306 A private financial institution implementing the Emergency Credit Line Guarantee Scheme was treated as performing a public function under binding Ministry of Finance, RBI and operational guidelines, so compliance with the Scheme could be examined under Article 226. The Scheme was also described as pre-approved for eligible credit, meaning a borrower's formal application was not a condition precedent where the governing framework did not require one. On the stated facts, the account was standard as on 29.02.2020 and later turned non-performing, while credit rating was not a disqualifying factor. The institution was therefore required to consider the borrower's eligibility and process the claim under the applicable resolution framework. en-us Thu, 30 Mar 2023 00:00:00 +0530 Sun, 20 Oct 2024 17:28:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458306 A private financial institution implementing the Emergency Credit Line Guarantee Scheme was treated as performing a public function under binding Ministry of Finance, RBI and operational guidelines, so compliance with the Scheme could be examined under Article 226. The Scheme was also described as pre-approved for eligible credit, meaning a borrower's formal application was not a condition precedent where the governing framework did not require one. On the stated facts, the account was standard as on 29.02.2020 and later turned non-performing, while credit rating was not a disqualifying factor. The institution was therefore required to consider the borrower's eligibility and process the claim under the applicable resolution framework. Case-Laws Indian Laws Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458306