A three Judge bench of Supreme Court of India headed by Justice Ashok Bhushan, on Wednesday adjourned the hearing on pleas seeking an extension of the loan moratorium period and waiver of interest on interest on term loans in view of the COVID-19 pandemic to December 14th.
Advocate V Giri appearing for the respondents (Reserve Bank of India (RBI)), said to the court that the task of restructuring of loans can be completed by December 31. Therefore the bench asked Giri to bring clarifications on the restructuring prescribed time till December 31.
One Vishal Tiwari who is one of the petitioners and Advocate said that whatever submissions are made by the respondents did not cover his prayers. Tiwari said recently there is news that IBA has requested RBI to extend the restructuring time period till March 31, 2021, and also said that a resolution cannot be completed by December 31st. on which the court told him that they will hear him after completion of the respondent.
Solicitor General Tushar Mehta who was appearing for the Centre completed his arguments in the case and submitted that all kinds of steps and measures have been taken by the Union of India (UOI) to reduce the difficulties faced by people or what they may face due to COVID-19 situation especially the financial one.
The Supreme Court of India was hearing a plea seeking directions to extend the moratorium period which would help borrowers in deferring their EMI on term loans for waiver of interests during the period of moratorium.