Supreme Court on Loan Moratorium And Waiver of Interest: Live-Updates of Supreme Court
In the loan moratorium case Senior Advocate Abhishek Manu Singhvi has commenced his arguments before a Supreme Court bench headed by Justice Ashok...
In the loan moratorium case Senior Advocate Abhishek Manu Singhvi has commenced his arguments before a Supreme Court bench headed by Justice Ashok Bhushan
The bench will continue hearing arguments tomorrow.
Senior Advocate VV Giri for RBI has sought 15 minutes to make submissions.
The discretion of every resolution plan has to be with the bank and not with the borrower, Giri says
Each of the lending institutions need to have a policy, says Giri
Which means that the policy can be put forth only if the board has approved it, says Justice Reddy
The bench says that board approved policies by the Banks need to be put forth.
Giri says that they have to do so.
Mr. Rohatgi appearing for the State Bank of India, he says that the policy has been put on record.
"Mr. Giri, you are not as clear as the Central Government!" Justice Shah says laughingly.
Mr. Giri appears for the RBI
"That has nothing to do with the brief and everything to do with the man!", says Mr. Giri
Any moratorium money can be paid as in September for previous months, Giri for RBI substantiates his arguments viz. existence of stronghold frameworks in place
Person affected by Covid19 stress, have a prudence framework available to them, says Giri
Giri takes bench through circulars issued by RBI and says 2 out of these have been under serious contention.