𝙇𝙤𝙖𝙣 𝙈𝙤𝙧𝙖𝙩𝙤𝙧𝙞𝙪𝙢 & 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙒𝙖𝙞𝙫𝙚𝙧- Hearing- LIVE-UPDATES from SC

Salve: Downgrading is based on many factors. Companies will suffer. Had they told us this earlier, we would have taken instructions. May please not pass orders today. 

Senior Advocate Mukul Rohatgi: Most vulnerable sectors being taken care of first. Decision will be taken

Salve: On the issue of downgrading and cutting down interest on interest, if they are urging for that, we will have to make submissions.

Sr. Adv. Rajiv Dutta appears for individual petitioners: We are happy that they are trying to restructure corporate loans. However, important to remember that people are suffering.

Imperative to make a statement for the Centre on non-charging of interest on interest.

Sundaram urging the bank to extend moratorium for 2 weeks.

Senior Advocate CA Sundaram: Banks have now started debiting stating that there is no moratorium.

They say, "although we will not declare you NPA, your liabilities have started". 6 months interest being debited.

Senior Advocate Kapil Sibal submitting in context of Real Estate: Downgrading taking place.

RBI has been protecting the downgrading and that needs to come about.

SG: We are concerned with smaller industries. 

Salve: For power sector, the states will have to be taken onboard. Powers and generators have suffered. Lockdowns have been lifted, who is to bear these past circumventions? Entire loan cannot be put on banks.

Justice Shah to SG: Whatever you come with must be very clear.

SG: I assure my Lord that it will be comprehensive.

Justice Bhushan: Who will put this forth?

Salve: Ministry of finance . It has been done at the level of the RBI

SG: Being done at a level higher than the RBI

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Harish Salve for IBA, govt. not taken any firm position. A new resolution has come and which is to be registered and norms will be effectuated. For individual borrower, the common man, State bank had effectuated guidelines.