#SupremeCourt's Justice Ashok Bhushan led bench will is hearing on plea(s) seeking extension of the Covid19 induced loan moratorium & waiver of accruing...
#SupremeCourt's Justice Ashok Bhushan led bench will is hearing on plea(s) seeking extension of the Covid19 induced loan moratorium & waiver of accruing interest.
Live Updates
2020-09-03 08:37:09
3 Sep 2020 8:57 AM GMT
SG now reads the RBI Governors statement analysing the affect of economy due to covid19.
“When an account becomes NPA - it happens when one fails fo pay for 90 days. The “freezing period” of moratorium stands excluded,” he adds.
3 Sep 2020 8:45 AM GMT
SG: The methodology adopted was for reduction of immediate pressure of payment of instalments, resurrect all sectors & restructure stressed assets.
3 Sep 2020 8:45 AM GMT
SG: Impact of Covid differs on every sector.
The tenure for repayment of loans has been extended by 3 months - this was an immediate measure by RBI
3 Sep 2020 8:39 AM GMT
SG: Banking sector is also a sector that needs to be stabilised.
3 Sep 2020 8:39 AM GMT
SG: Not taking an adversarial role here. As a nation, it was an easier option to right off interest.
But thats not an effective way to revive economy.
We chose to keep alive as many other nations have done.
3 Sep 2020 8:38 AM GMT
Bench has assembled.
Solicitor General begins his submissions.
3 Sep 2020 8:38 AM GMT
Yesterday, arguments were made on behalf of several petitioners including Senior Counsel Kapil Sibal & Rajiv Dutta, urging the Court to issue directions to the RBI & Centre for waiving off the interest accrued on loan repayments during Moratorium.