Document Fragment View

Matching Fragments

"(a) Subject to the conditions set out below, the period of the moratorium during which there is a lockdown will not be reckoned by ICICI Bank for the purposes of computation of the 90-day NPA declaration period. As currently advised, therefore, the period of 1st March 202 until 31st May 2020 during which there is a lockdown will stand excluded from

4 of 10 (5) CWP-5753-2021 the 90-day NPA-declaration computation until-and this is the condition-the lockdown is lifted. Thus, irrespective of the continuance of the moratorium until 31st May 2020, if the lockdown is lifted at an earlier date than 31st May 2020, then this protection available to the petitioners will cease on the date of lifting of the lockdown, and the computing and reckoning of the remainder of the 90-day period will start from that earlier lifting of the lockdown-ending date.

(b) In that scenario, should the lockdown be lifted before 31 st May 2020, the petitioners will have 15 days after the ending of the lockdown in which to regularize the payment under the first installment due to 15 th January 2020 and a further three weeks thereafter to regularize the payment under the second installment due to 15th February 2020.

(c) If the lockdown extends beyond 31 st May 2020, then these days will be deferred accordingly, irrespective of whether the moratorium itself is extended beyond 31st May 2020.

As per the petitioners, their loan account was declared NPA on 3.6.2020, in violation of the circulars Annexures P-2 to P-4 issued by RBI 9 of 10 ( 10 ) CWP-5753-2021 for grant of a moratorium due to countrywide lockdown. Per contra, the plea of respondent No.1-Bank is that the said loan account had already shown reverse interest w.e.f. 29.2.2020 and thus is to be deemed as NPA w.e.f. that very date. So the instant case involves some disputed questions of fact.