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.
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2020-12-17 07:47:12
17 Dec 2020 2:41 PM IST
Srivastava: Not practice of My lords to rely on Articles, but I have enclosed some articles wherein one financial expert has demonstrated how the waiver of compound interest works.
17 Dec 2020 2:40 PM IST
Relief can be granted for loans. In policy making, national authority has to apply its mind (under Disaster Management Act) but that has not been done.
17 Dec 2020 2:40 PM IST
Srivastava: The DMA structure as argued by Mr Salve has demolished the architecture of the DMA, with due respect. His argument has made provisions of the DMA nugatory.
17 Dec 2020 2:40 PM IST
Srivastava: NDMA has to collect empirical data and make a comprehensive policy, not arguing that there needs to be a complete waiver. There can be a partial waiver also but for this there is a need for a calibrated policy under the Disaster Management Act
17 Dec 2020 2:39 PM IST
But this is catastrophic especially in light of the Covid stress., says Srivastava
17 Dec 2020 2:38 PM IST
Srivastava: Invocation stipulates a last date. Prudential norms never have a cut off date.
“But there has to be a cut off date. Otherwise how will there be invocation?” Justice Reddy asks
17 Dec 2020 2:37 PM IST
Bench re-assembles.
Srivastava continues his rejoinder submissions.
17 Dec 2020 1:22 PM IST
Bench says it will re-assemble at 2 PM.
17 Dec 2020 1:21 PM IST
Srivastava: There has to be a solution to this, the power cannot ve left to the banks. Instead the RBI should be making provisions for resolution of the processes.
17 Dec 2020 1:19 PM IST
Srivastava: There has to be a solution to this, the power cannot ve left to the banks. Instead the RBI should be making provisions for resolution of the processes.