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

The bench has risen for lunch.

SG will continue arguments post lunch.

Mitigation means measures in reducing risks and effects of a disaster situation. Based on guidelines that this is pre-disaster preparedness, says SG

Mitigation is defined under the Act Mr. Mehta, says Justice Shah

Thats what I said. I am not raising the argument that it has to be “pre” only. Your lordships have interpreted it to mean “post” as well, says SG

Mitigation (of disasters) under the Act is wrt pre-event mitigation.

Even post disaster relief may be called mitigation, says SG

SG reads out the implications of the Act.

For a worldwide disaster (global catastrophic event), no set scheme laid down, says SG

Everything is to be done by the Nodal agency, says SG

Taking your lordships through through scheme of act, which will lay down hard facts and may lay down the law which may not have been envisaged, says SG

I am duty bound to address My lords wrt the DMA.

Not correct to say that it is the NDMA which will take decisions and not the Government, says SG

You may be right to the extent of no bar on the nodal agency to take steps, says SG

The banks dont obviously bring money. Lets look at it this way — I deposit money which is given to my friend as a borrowing and i am given an interest. There is a cost attached to this, there is a chain here, says SG

By accepting the argument will lead to a 63 lac (cr) waiver, says SG

Of course court will not pass an order which will lead to the economy going haywire. We are conscious of the fact, says Justice Bhushan

The relief is given from various quarters in various forms, SG says

The moment a default is made for interest payments, it immediately affects the depositors, says SG

You were charging interests but the only thing is whether compound interest should be charged or not, says Justice Bhushan

Contract between bank and borrower in that case, says SG