Mylath Sandeep vs. Reserve Bank Of INDIA
Held
The High Court directed the petitioners to produce the requisite financial documents before the respective financial institutions by 29.03.2021. Upon submission, the financial institutions were mandated to consider the applications and take a decision without delay, and in any case, before the expiry of the relevant schemes.
Facts
The petitioners, a husband and wife, filed two writ petitions seeking financial assistance under the Emergency Credit Line Guarantee Scheme (ECLGS) from Bajaj Finance Ltd. and restructuring of a home loan from Kotak Mahindra Bank Ltd. under an RBI Circular. The financial institutions contended that the petitioners had not furnished the necessary financial documents for considering their applications.
Key Issues
The key legal issues were whether the petitioners were entitled to financial assistance or loan restructuring under the respective schemes/circulars, and if the financial institutions were justified in not processing their applications due to non-submission of required documents.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE N.NAGARESH FRIDAY, THE 26TH DAY OF MARCH 2021 / 5TH CHAITHRA, 1943 WP(C).No.24771 OF 2020(V) PETITIONERS: 1 MYLATH SANDEEP, AGED 49 YEARS, S/O.NARAYANAN KUTTY, PROPRIETOR M/S. NANDANAM SANITARIES, NEAR SOBHA CITY, KUNNAMKULAM RD., PUZHAKKAL P.O., TRISSUR - 680 003. 2 DEEPA P., AGED 42 YEARS, W/O.MYLATH, SANDEEP, RESIDING AT MYLATH HOUSE, KANNAPURAM, CHETTUPUZHA P.O., TRISSUR - 680 012. BY ADVS. SRI.R.S.KALKURA SRI.HARISH GOPINATH SMT.NEENU PAVITHRAN RESPONDENTS: 1 RESERVE BANK OF INDIA, REGIONAL OFFICE, TRIVANDRUM, BAKERY JUNCTION, P.B.NO.6507, THIRUVANANTHAPURAM - 695 033, REPRESENTED BY ITS REGIONAL DIRECTOR. 2 NATIONAL CREDIT GUARANTEE TRUSTEE COMPANY LTD., MINISTRY OF FINANCE, GOVERNMENT OF INDIA, HAVING ITS REGISTERED OFFICE SWALAMBAN BHAVAN, C11, G BLOCK, BANDRA KURLA COMPLEX, BANDRA E, MUMBAI - 400 051, REPRESENTED BY ITS MANAGING DIRECTOR.
WP(C) Nos.24771/2020 & 4737/2021 : 2 : 3 BAJAJ FINANCE LTD., REGISTERED OFFICE AKURDI, PUNE, CORPORATE OFFICE, 4TH FLOOR, BEHIND WEIKFIELD, IT PARK VIMAN NAGAR, PUNE 411014, REPRESENTED BY ITS MANAGING DIRECTOR. 4 BAJAJ FINANCE LTD., DD TRADE T
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