Solicitor General Tushar Mehta said that relief has been provided according to the sector considering the available resources. The SC requested the Center to provide details on how the banks would proceed with the scheme.
A hearing was held in the Supreme Court on Monday in the Anan moratorium case. In the case of compound interest on loans at the time of suspension, the apex court said that the affidavit filed by the Center did not address many of the issues raised by the applicants. The apex court expressed dissatisfaction with the Centre’s affidavit that many of the issues arising in the case were not acted upon in the Centre’s affidavit. No result notification has been issued by the RBI or any other authority. The recommendations of the Kamat Committee will also be considered. The report will also be disseminated to the needy.
The Supreme Court said that we have to submit an affidavit for the action taken by the RBI or various banks in the previous order. The court has given the central government, the RBI and the banks a week to respond. The court said the stakeholders would also respond to the affidavit. The court also asked to consider the actual situation and relief for others. The next hearing of the case will be on October 13.
Real estate developers objected to the government’s affidavit. In court, Credii said the affidavit contained many government data and figures without basis. In the affidavit, the government also questioned the written lakhs of crores of rupees and said that no relief was received from the Center for the real estate sector. None of our loans have been restructured by the Center. We have to pay full interest from September 1.
Lone moratorium case: SC says – last time the matter was postponed, now everyone is coming up with a concrete plan
Solicitor General Tushar Mehta said that relief has been provided according to the sector considering the available resources. The SC requested the Center to provide details on how the banks would proceed with the scheme. The center said these processes would prepare banks.
The Reserve Bank of India (RBI) said the decision was taken at the highest level to handle small orrow recipients. The government has discussed various issues to provide relief to the recipients. 8 areas have been identified which were in trouble due to interest charges.
The bank association said in a statement, “The Supreme Court has stopped our accounts from being classified as NPAs due to delay in payment of accounts. The government needs a few days to respond to the proposal. The government has taken two major approaches. Problems will be investigated.
The central government will waive interest on loan interest up to Rs 2 crore during the moratorium of months. The Central Government has filed an affidavit in the Supreme Court that the compound interest applicable on MSME loans, educational, housing, customer, auto, credit card arrears, professional and consumer loans will be waived. The Center said that in case of an epidemic, the government should bear the burden of interest rebates, which is the only solution. Permission will be sought from Parliament for making appropriate grants.