Hearing On Loan Moratorium And Waiver Of Interest : Live Updates From Supreme Court

Supreme Court will now hear the matter on 13th October. 

SG Mehta seeks for more time to file the Affidavit.

Justice Shah: You wanted 2-3 days, we are giving you 2-3 days. One week keeps getting extended, then there will be Puja holidays and there will be no end to this !

Bench: We grant one week’s time to file a Reply to the Additional Affidavit. The SG, RBI, IBA may also file an additional affidavit recounting the guidelines, notifications and circulars that have been taken by the RBI and government. Union of India may also file Counter in IAs.

Bench: The Affidavit filed does not give necessary details regarding the questions asked by this Court on 10.09.2020. Mehta has stated that he will file an Additional Affidavit. Petitioners have prayed for time to file a Reply.

Bench: No consequential circulars have been issued to implement the decisions. Kamath Committee report has not been placed on record. Mehta and Giri have stated that they will bring it on record.

Bench: An additional affidavit dated 2.10.2020 has been filed by the Union of India in compliance with our order. Counsels appearing for different Petitioners submit that the affidavit does not deal with several issues.

Bench is now discussing amongst themselves and prepares to pass an order. 

Sibal: The Maheshwari Committee is dealing with the same issue.

SG: I think we should confine ourselves to the financial sector and not go beyond.

Giri: This is not the subject matter of judicial review. 

SG Mehta states that he will put the report on record.

Sr. Adv. Kapil Sibal: There is another Committee which has been set up called Maheshwari Committee. It’s on the same issue.

SG Mehta: That was to collect data. We should not do this here. 

Sr. Adv. Huzefa Ahmadi makes his submissions in IA and expresses his reservations with the Kamath Committee report.

He says that a point in the report contradicts the RBI’s circular regarding standard account, and that renders the report is truncated.