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Loan moratorium: CREDAI Maharashtra seeks extension from SC, says builders may default

CREDAI Maharashtra has sought an extension of the loan moratorium beyond August 31 as it expects builders could default on September 1.

August 26, 2020 / 04:07 PM IST
Representative image

Representative image


CREDAI Maharashtra has sought an extension of the loan moratorium from the Supreme Court stating that its builders might be in default on September 1 once the moratorium period ends.

The loan moratorium period offered by the Reserve Bank of India (RBI) ends after August 31. The RBI had in March announced a moratorium on repayment of term deposits for three months, which was later extended till the end of August. The move was intended to provide borrowers relief during the COVID-19 pandemic.

CREDAI or the Confederation of Real Estate Developers’ Associations of India is the apex body of private real estate developers.

The RBI had in March announced a moratorium on repayment of term deposits for three months, which was later extended till August 31. The move was intended to provide borrowers relief during the COVID-19 pandemic.

Moneycontrol News
first published: Aug 26, 2020 12:14 pm

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