% 27.03.2024 CM APPL. 18582/2024, CM APPL. 18583/2024 (For Exemptions)

1. Exemptions allowed, subject to just exceptions.

2. Applications are disposed of.

W.P.(C) 4528/2024 & CM APPL. 18581/2024

3. The present petition has been filed by the petitioners impugning the interim order dated 16th February, 2024 passed by the learned Debt Recovery Tribunal-02, Delhi (“DRT”), in Securitization Application No.

42/2024 filed under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”).

4. Learned counsel appearing for the petitioner submits that the account of the petitioner has been declared as Non Performing Asset (“NPA”)

without waiting for the expiry of the requisite 90 days period in terms of the Master Circular-Income Recognition, Asset Classification and Provisioning and other related matters-UCBs dated 08th May, 2023 issued by the Reserve Bank of India (“RBI”).

5. Learned counsel appearing for the petitioner submits that an account will be declared as NPA only if payments are not made for a period of 90 days, after issuance of notice under Section 13(2) of the SARFAESI Act. It is submitted tha