Sibal concludes.
Now Adv. Vinayak Bhandari for the petitioner:
Please allow banks and lending institutions to charge interest only equivalent to their cost of funds.
Sibal: Interest has to be completely waived. Your lordships must ensure that "We don't go under" because once we do, there will be no reviving us.
Sibal: This moratorium has to be extended. Obligations under section 13 must be discharged and the NDMA must come up with a comprehensive plan. At the moment, I am only praying for an extension of moratorium for 3 months & waiver of interest on interest.
"If i have not made money, if the sector has not made any money, where do we make payments from?" - Sibal
Sibal says that the economy was suffering pre-March.
"My Lord can imagine what the situation is as of today," he adds.
Sibal: When moratorium was first effectuated, many accounts were entitled to moratorium. Today, its not being extended to many, even though now the situation is much worst.
Sibal: Clearly, there is no application of mind here by the NDMA.
Yesterday GOI released data on how the Pandemic has affected the economy. The construction sector has been damaged most with a negative growth of 50.3%.
Sibal: When disaster occurs, entire authority goes into action. Under section 6, there are powers given to the NDMA.
Sibal: Section 13 of DMA, 2005 contemplates relief in repayment of loans sector-wise. NDMA has to exercise this power which is presided over by the PM & 9 nominees.
The bench asks Senior Advocate Kapil Sibal to commence arguments.