The Delhi High Court stayed an interim relief granted by its lower bench to Indiabulls Housing Finance Ltd. from any coercive action if the non-bank lender fails to make payments to its debenture holders.
The April 15 order of the single-judge bench was appealed before the division bench by the Mutual Funds Association of India, Securities and Exchange Board of India and IDBI Trusteeship Services Ltd. The two-judge bench comprising Justice Siddartha Mridul and Justice Talwant Singh has now listed the case for final arguments on May 4, Abhishek Baid, counsel for IDBI Trusteeship, told BloombergQuint.
The single bench had offered relief on a petition filed by the home financier, which argued that it was unable to recover debt owed to it by various institutions due to the lockdown amid the Covid-19 pandemic and the Reserve Bank of India's circular dated March 17—allowing all lending institutions to grant a three-month moratorium on payments of all installments between March and May.
The company sought parity from the court from making its payments. But the single bench's order was subsequently challenged before the division bench of the Delhi High Court.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
