Kolkata-based printing enterprise moves SC seeking Covid-19 relief from ICICI bank
Dec 25, 2020
New Delhi [India], December 25 : A petition has been filed in the Supreme Court by an organisation named Sunrise Media and Effects Private Limited (SMEPL), seeking direction to the respondents, including the Union of India (UOI) and ICICI bank to grant benefits of the Covid-19 relief scheme for grant of ex-gratia to it.
The petitioner, SMEPL, also sought a direction from the Apex Court to the UOI that the payment of the difference between compound interest and simple interest for six months to borrowers be paid.
The petitioner also sought that a direction be made to the UOI to declare the eligibility condition of Rs 2 crores as ultra vires.
SMEPL, having its registered office at Kolkata in West Bengal, is a manufacturing enterprise and carries out the business of digital printing.
The petition was filed through SMEPL Director, Sagarmall Bhura, through lawyer Vishal Tiwari and Advocate on Record (AOR) Abhigya Kushwah, before the Apex Court.
The petitioner sought a direction to one of the respondents, the ICICI bank, to grant the benefit of ex-gratia payment by considering the individual loan accounts separately which are less than Rs 2 crores.
The petitioner also sought that a direction must be made to the respondents to form a Centralised Grievance Authority/Portal for the borrowers where they can register their complaints against the banks/lending institutions for not following the circulars issued for relief under the resolution framework.
The petitioner also sought that the respondents be directed to extend the moratorium policy and be made mandatory and extended by the appropriate authority from September 1, 2020, until March 31, 2021 or when complete normalcy is achieved, whichever is earlier.
The petition also sought a direction that the respondents be directed to grant the restructuring and implement the resolution framework announced by the Reserve Bank of India (RBI) through its circular dated August 6, 2020.
The eligibility condition (as decided by the respondents) is discriminatory and as the petitioner is also effected during Covid-19 and passing through financial hardship, it would not be justified to deny him the benefit of ex-gratia payment, the petition stated.
The petitioner is having separate loan accounts and each account is below Rs 2 crores. The petitioner's account shall be dealt with separately as each loan was disbursed at different periods of time and date according to the need. These loans are not top-up loans, the petition added.
