The Delhi High Court in Amit Khaneja And Ors vs. IL & FS Financial Services Ltd. has held that the RBI circulars on ‘COVID-19 Regulatory Package’ bearing no. DOR.No.BP.BC.47/21.04.048/2019-20 dated 27th March 2020, DOR.No.BP.BC.63/21.04.048/2019-20 dated 17th April, 2020 and DOR.No.BP.BC.71/21.04.048/2019-20 dated 23rd May 2020 and the RBI Policy Guidelines titled “Statement on Developmental and Regulatory Policies” shows that, these are meant for mitigating the burden of debt which may have been brought about due to the COVID-19 pandemic and would therefore not lend any support to those borrowers where the defaults are prior to the outbreak of the pandemic itself.
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