Loan Moratorium And Waiver of Interest - Live Updates From Supreme Court
Supreme Court bench led by Justice Ashok is hearingp plea(s) seeking extension of loan moratorium owing to the pandemic along with sector-specific...
Supreme Court bench led by Justice Ashok is hearingp plea(s) seeking extension of loan moratorium owing to the pandemic along with sector-specific plea's.
All Counsel thank the bench for a patient hearing.
Bench reserves judgment but Advocate Kunal Vajani seeks to make brief rejoinder submissions.
Tiwari says that Banks are taking advantage of borrowers who are facing a financial difficulty.
This seems to be misconceived. If he has a grievance against PNB Housing, then either a Seperate needs to be filed or PNB is required to be impleaded, Senior Advocate VV Giri says for RBI
I am requesting restructuring and no penal action, Tiwari says
Tiwari urges the court to direct no penal action.
We will record and clarify that. Those banks which did not consider, will have to consider it, thats all, says Bench
Justice Bhushan says that the advisory applies to Housing Finance.
Adv Vishal Tiwari: Pursuant to Order of your lordships, I went to to making a representation. One lending institution has written to me stating that (PNB Housing) the RBI Advisory is not applicable to me.
Srivastava concludes.
Srivastava: Absolute distress prevailing at the moment. They have not been taken into account, with due regard to the Union or RBI. Huge profits being made by banks.