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

Bench asks Sr. Adv. P. Chidambaram to make his submissions, but the Control Room is unable to unmute him.

Sr. Adv. Ravindra Srivastava seeks for more time, to which the Bench agrees. 

ench asks Sr. Adv. P. Chidambaram to make his submissions, but the Control Room is unable to unmute him.

Sr. Adv. Ravindra Srivastava seeks for more time, to which the Bench agrees. 

Sr. Adv. Rakesh Dwivedi makes his submissions: There is a request on behalf of the builders. An issue is created as we are not getting the benefits under the approved scheme due to conflict between SBI Caps and the loans we have taken. 

Salve states if adjournment is given for filing of Reply, it should not be more than 2-3 days.

Sr. Adv. Vikas Singh submits that he has filed an IA and seeks notice in the same.

Justice Shah: We are doing all that we can. We will consider. 

Justice Shah: This has to be converted into a proper restructuring scheme. There are so many poor people.

Sr. Adv. Harish Salve submits that the delay is hurting the banks. 

Giri: It will be done.

Justice Shah: When ?! When will it be done ? This has been going on for so long. You are saying it will be done, it will be done. When will it be done ?!

Justice Bhushan: It’s not about placing the report on record. It’s about implementing the report. These are not suggestions which could not have been implemented. The RBI and government has to make certain order so that people know what benefit has been extended.

Giri: The Government has been deliberating upon this. A large percent of people feel that an interest on interest is hitting them very hard. There are further recommendations to be made, and they will be considered. If you feel the report is to be placed on record, we will do so.

SG Mehta: There is nothing to hide. We will put it on record. It’s available on public domain.

Giri seeks to make a submission on behalf of the RBI. 

Justice Shah to SG Mehta: In your Affidavit, there is nothing which says what has been done with regard to the Kamath Committee report. There has to be something on record. You should have done so !