NAGRAJ STEEL SCRAP Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard the learned counsel appearing for the petitioner and learned A.S.G.I., who appears by waiving notice for respondent Nos.1, 3 and 5. At this juncture, we do not think it necessary to issue notice to the remaining respondents, as we are of the opinion that the grievance raised in this petition could be appropriately resolved if respondent No.1 is requested to look into the matter and ensure that the scheme in force is respected and implemented by the banks and finance companies.

(2.) Hence, Rule. Rule made returnable forthwith. Heard finally by consent of the learned counsel appearing for the parties.

(3.) Learned counsel for the petitioner submits that as revealed by the communication dated 23.05.2020 addressed to the Chairman and Managing Director of the Scheduled Commercial Banks Financial Institutions and Non-Banking Finance Companies, Government of India through Ministry of Finance, Department of Financial Services, introduced a Credit Guarantee Scheme called "Emergency Credit Line Guarantee Scheme ", whereby 100% coverage by way of guarantee for repayment of additional working capital term loan (in case of banks and financial institutions) and additional term loans (in case of NBFCs) up to 20% of their entire outstanding credit up to Rs.25 crore i.e up to Rs.5 crore, as on February 29, 2020, subject to the account being less than or equal to 60 days past dues as on that date, which scheme must be implemented by the banks and financial institutions.