Petition filed in SC against steps taken by RBI under the COVID-19 Regulatory Package

Last updated: 19 April 2021

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The Small Scale Industrial Manufactures Association filed a petition in the Supreme Court of India challenging the Reserve Bank of India's (RBI) COVID-19 Regulatory Package. The association argued that the relief measures, including loan terms, working capital facilities, and account restructuring, were insufficient and ineffective for MSMEs facing financial strain due to the pandemic. They sought directions for lending institutions to waive interest on term loans and working capital, and to allow restructuring of stressed accounts.

Court :
Supreme Court of India

Brief :
Writ Petition (Civil) No. 476 of 2020 has been preferred under Article 32 of the Constitution of India by the Small ScaleIndustrial Manufactures Association, Haryana for an appropriatewrit, direction or order directing the Union of India and others totake effective and remedial measures to redress the financialstrain faced by the industrial sector, particularly MSMEs due to the Corona Virus Pandemic. It appears that the writ petitioner is not satisfied with the steps taken by the RBI vide notification dated 27.03.2020.

Citation :
WRIT PETITION (C) NO. 476 OF 2020

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