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

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Last updated: 19 April 2021
Quick Summary
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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