The Supreme Court adjourned Wednesday to December 14 the hearing on requests to extend the loan moratorium period and waive interest on interest on term loans due to the COVID-19 pandemic. A bench of three judges of the highest court, led by Judge Ashok Bhushan, has set the case for a new hearing for December 14.
Lawyer V Giri, representing the Reserve Bank of India (RBI), said the loan restructuring task can be completed by December 31. The judiciary then asked Mr. Giri to provide some clarification on the restructuring deadline until December 31.
The lawyer and one of the petitioners in the case, Vishal Tiwari, said the respondents’ submissions did not cover his prayers and arguments. Mr Tiwari recently announced that IBA has asked the RBI to extend the restructuring period until March 31, 2021.
Mr Tiwari said a resolution plan cannot be completed until December 31. The higher court told him that they would hear from him when the respondent was finished. “The case is adjourned for December 14,” said the bench of the Supreme Court.
Solicitor General Tushar Mehta, appearing for the Center, finished his arguments in the case and argued that all kinds of measures and measures have been taken by the Union of India (UOI) to minimize the hardships and hardships that people have had or may be facing as a result of the COVID-19 pandemic crisis, particularly financial.
Previously, the highest court had ordered that people’s bank accounts, such as August 31, not be declared as non-performing assets until appeals were removed asking for an extension of the moratorium period.
The highest court heard two pleadings filed by Gajender Sharma and attorney Tiwari, asking for instructions to extend the moratorium period to help borrowers defer their EMI payment on term loans and for the waiver of interest on repayment of the loan during the moratorium.