Supreme Court on Loan Moratorium And Waiver of Interest: Live-Updates of Supreme Court

The bench will continue hearing arguments tomorrow.

Senior Advocate VV Giri for RBI has sought 15 minutes to make submissions.

The discretion of every resolution plan has to be with the bank and not with the borrower, Giri says

Each of the lending institutions need to have a policy, says Giri

Which means that the policy can be put forth only if the board has approved it, says Justice Reddy

The bench says that board approved policies by the Banks need to be put forth.

Giri says that they have to do so.

Mr. Rohatgi appearing for the State Bank of India, he says that the policy has been put on record.

"Mr. Giri, you are not as clear as the Central Government!" Justice Shah says laughingly.

Mr. Giri appears for the RBI

"That has nothing to do with the brief and everything to do with the man!", says Mr. Giri

Any moratorium money can be paid as in September for previous months, Giri for RBI substantiates his arguments viz. existence of stronghold frameworks in place

Person affected by Covid19 stress, have a prudence framework available to them, says Giri

Assets and borrowers have the prudence umbrella of the RBI Circular, Giri says

Giri takes bench through circulars issued by RBI and says 2 out of these have been under serious contention.

SG concludes submissions.

Senior Advocate VV Giri now appears for RBI