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Interest During Loan Moratorium : Live Updates From SC Hearing

LIVELAW NEWS NETWORK
2 Sep 2020 6:00 AM GMT
Interest During Loan Moratorium : Live Updates From SC Hearing
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Supreme Court's Justice Ashok Bhushan led bench is hearing pleas seeking waiver of loan interest during moratorium in view of the pandemic situation.

Yesterday, when the plea(s) came up for hearing, the bench adjourned the matter to today in order to go through the affidavit filed on behalf of the Centre for its stand on interest on loans during moratorium.

Live Updates

  • 2 Sep 2020 10:01 AM GMT

    SG asks the bench if he can continue his arguments tomorrow.

    The bench says that it will continue hearing the case tomorrow at 2 PM

  • 2 Sep 2020 9:53 AM GMT

    Bench: Mr. Mehta will you complete your submissions today?

    SG: Will take an hour. There will be no repetition.

  • 2 Sep 2020 9:52 AM GMT

    SG: Considering the variety of banks under the RBI and keeping in mind the large number of borrower segments, the first option of waiving off interest either fully or partially was not taken and repayment was subdued.

  • 2 Sep 2020 9:51 AM GMT

    SG: First option of waiving off loans was rightly not resorted to - we have individual borrowers, corporate borrowers & the petitioners have satisfied your lordships that each sector has their own problems.

    The backbone is indeed the small and medium industries.

  • 2 Sep 2020 9:51 AM GMT

    SG: We cannot look at recovering the economy by ignoring the banking sector, so that they do not become financially unstable. This is indeed a difficult way forward. 

  • 2 Sep 2020 9:46 AM GMT

    Solicitor General begins submissions:

    First thrust by RBI was to reduce pressure of repayment of loan. Holistically, what eventually transpired post-covid period was then, revival of sectors so economy starts moving. Third was reconstruction of stressed assets.

  • 2 Sep 2020 9:38 AM GMT

    Adv. Kishore Lambat: I'm praying for complete waiver of interest. I appear for a lawyer.

  • 2 Sep 2020 9:32 AM GMT

    Senior Adv. Mukul Rohatgi tells the bench that he will argue after the Solicitor General.

  • 2 Sep 2020 9:30 AM GMT

    Adv. Ashish Virmani: MSME's must be granted the same consideration. As of now we are excluded (as per the August 6 circular).

  • 2 Sep 2020 9:29 AM GMT

    Bhandari: There is a grave emphasis on the fact that different sectors have performed differently.

    Lockdown fortunately or unfortunately was a one-size fits all solution.

    When the ship is sinking, not wise to decide who needs to be saved and who does not need to be saved.

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