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SC Bars Charging Compound Interest or Penal Interest on Any Borrower During Loan Moratorium - (23 Mar 2021)

INSOLVENCY

Supreme Court has directed that there should be no charging of compound interest, interest on interest or penal interest on the instalments which were due during the loan moratorium period from March 1 to August 31, 2020 on any borrower, irrespective of the loan amount. If such interest has already been collected, it should either refunded to the borrower or adjusted towards the next instalments.

Tags : SUPREME COURT   COMPOUND INTEREST OR PENAL INTEREST ON BORROWER  

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