Lawstreet Journal

Loan moratorium: Centre hints at holistic package, SC hearing on interest waiver deferred to Oct 5, 2020

Lawstreet Journal 30 Sep 2020 10:56pm

Image courtesy: Lawstreet Journal Executive Loan moratorium: Centre hints at holistic package, SC hearing on interest waiver deferred to Oct 5, 2020

The Supreme Court on Monday adjourned for October 5 the hearing on the two petitions seeking an extension of the moratorium period on repayment of loans and to waive off the interest on the interest on loan amount in view of the Covid-19 pandemic. Solicitor General representing the government told the court that the issues are under active consideration of the Government and a decision is likely to be taken within 2-3 days.

The apex court had earlier adjourned the hearing on September 10 directing that all decisions are taken by the RBI, the Government of India or the banks be placed before it for consideration. The court had given time to RBI to file the affidavit. The SC in the previous hearings said that those accounts that had not been declared non-performing assets (NPAs) as of August 31 should not be declared bad loans until the case was disposed of.

The court, hearing a petition filed by lawyer Vishal Tiwari, sought directions, till the court reopens, to all the banks to adhere to extend the moratorium period for lawyers/ service sector, transport and tourist industry, including drivers and other covered under these sectors and defer their EMI payment on term loans. It also sought that in case, such acts are committed by the lending

Institutions then, strict action shall be taken against them in accordance with the law.

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Tagged: Supreme Court of India  
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