Delhi HC allows HDFC Bank to deduct Rs 90 cr from Indiabulls Housing Finance's FD
New Delhi: In an interim order, The Delhi High court has given permission to HDFC Bank to deduct an amount of Rs 90 crore as a loan installment from Indiabulls Housing Finance (IHF) fixed deposit which HDCFC Bank is holding as a security.
The order came on a write petition filed by Indiabulls Housing Finance to restrain HDFC Bank from going ahead and recovering any amount during the moratorium period announced by RBI.
The Delhi High Court, in the meanwhile, also asked HDFC Bank to get the instructions on the applicability of the RBI circular on moratorium to the Indiabulls group company in the next hearing which has been scheduled for 6 May 2020.
The Delhi High Court also said that HDFC Bank will not ask for replenishment of Rs 90 crore till the next date of hearing.
RBI had said in March 2020 that a moratorium be put on term loan installments from 1 March, 2020 for a period of three months. But many banks have been feeling shy of not grant moratorium to non banking finance companies like Indiabulls Housing Finance.