Interest During Loan Moratorium : Live Updates From SC Hearing

Bench has risen and will continue hearing arguments at 2 PM.

Adv. Bhandari: Recommend relief in repayment of loans for persons affected by disaster. I am an intervenor for the Pune Hotel Association. My sector has seen absolutely no economic activity. Every sector cannot be painted with the same paintbrush.

Hegde says that he seeks Extension of moratorium for a reasonable time and the effects of which can be used as a relief by borrowers. I am obliged to repay my debts, time granted is on the basis of an overwhelming disaster. 

Senior Advocate Sanjay Hegde now appears for Jewellers Association.

Solicitor General Tushar Mehta seeks to be excused from the hearing. He says that a ceremonial bench of the CJI with Justice Mishra has assembled at 12.30 PM & he seeks to appear there.

Justice Arun Mishra retires today. 

Shrivastava: No one (GOI & NDMA) worked within the framework of the Disaster Management Act. It is the jurisdiction of the GOI to formulate a framework. Right authority is the central govt, this is a policy issue.

Justice Bhushan says that this is not in question.

Shrivastava says that the NDMA & GOI are authoritative powers under the DMA & to put forth the RBI To act is a dereliction of duty at the hands of the GOI.

Shrivastava says that neither the RBI nor the Centre acted within the statutory provisions stipulated under the DMA and funds were not released for sectorial relief. 

Shrivastava says that Covid is a continuing disaster. Effects manifold and ongoing, he adds.

Shrivastava: Proceedings since the last few times have brought us back to the RBI

“Very occasion for a Moratorium came because there was a Disaster. This is a Disaster specific issue. Not a flood which will last for a few days”