#SupremeCourt bench of Justices NV Ramana, SK Kaul & BR Gavai begins hearing petitions challenging the March 27 notification of the Reserve Bank of India announcing moratorium on loans permitting borrowers to skip EMI from April to June due to #Lockdown in the wake of #Covid19
Justice Kaul: Have the petitioners taken some loan ?
Advocate Shibshankar Saha: This is for the general public
J Ramana-- We are not here to decide whether the scheme is profitable scheme, good scheme, bad scheme. If you're not a borrower ,you don't know anything
Advocate Shibshankar Saha: This is for the general public
J Ramana-- We are not here to decide whether the scheme is profitable scheme, good scheme, bad scheme. If you're not a borrower ,you don't know anything
J. Kaul: There may be people who have taken loans and who may feel the arrangement is working or not ..kindly do not make balance of litigation into filing such petitions.
J. Ramana: How can you say it's a bad scheme?
J. Ramana: How can you say it's a bad scheme?
J. Kaul: The whole concept of PIL has been lost.
Petitioner-- this scheme will affect everyone
J. Kaul: This is is not public interest. Lawyers keep filing petitions on what they feel is possible.. this is not public interest
Petitioner-- this scheme will affect everyone
J. Kaul: This is is not public interest. Lawyers keep filing petitions on what they feel is possible.. this is not public interest
SC disposes of all three connecting pleas.
Says the PIL won't be examined but will keep the question open "in case an aggrieved person comes to court"
#RBI #moratorium #lockdown #COVID19
Says the PIL won't be examined but will keep the question open "in case an aggrieved person comes to court"
#RBI #moratorium #lockdown #COVID19
Another petition with the prayer crops up before the bench.
J Kaul: How much loan has the petitioner taken?
Lawyer for petitioner Kamala Kalia says: I have no loans, it's for the larger public interest.
J Kaul: How much loan has the petitioner taken?
Lawyer for petitioner Kamala Kalia says: I have no loans, it's for the larger public interest.
J Ramana to SG Tushar Mehta: It appears that whatever the benefit given by RBI it's not being extended to the borrowers. Some reports seem to show they are being asked to appear. There should be proper guidelines
SC: This is not a PIL issue, we are not inclined to interfere.
SC: This is not a PIL issue, we are not inclined to interfere.
SC: However due to the various issues raised we request that RBI may examine whether its policy is being implemented in true letter and spirit by the banks.
The circular dated March 27, 2020, may be implemented by the banks
Matter disposed off
The circular dated March 27, 2020, may be implemented by the banks
Matter disposed off
Supreme Court asks RBI to ensure banks implement its COVID-19 three-month moratorium policy in letter and spirit [Read Order]
#RBI @RBI #SupremeCourtofIndia
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#RBI @RBI #SupremeCourtofIndia
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