SC sets aside the 2008 NCDRC judgment capping interest on credit card dues at 30 pc
The 2008 NCDRC judgment was set aside by a bench of Justice Belas M Trivedi and Justice Satish Chandra Sharma. The copy of the judgment is awaited.
NSE Clearing Limited Saturday said a Supreme Court order has stayed payment obligation under option contract in a matter related to IL&FS Securities Services.
“The Supreme Court in the matter of ILFS Securities Services Limited Vs SEBI & others, has passed an order dated June 26, 2019 wherein payment obligation under the option contract (NIFTY CE 5000 27-JUN-2019) has been stayed,” NSE Clearing said in a release.
Advertisement
The clearing and settlement mechanism of the clearing corporation is robust and the obligations in all other contracts have been duly settled in the normal course on the appointed settlement date, it added.
Advertisement
Also, the National Company Law Appellate Tribunal (NCLAT) had allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.
Advertisement
