RBI MORATORIUM OF LOAN REPAYMENT:
Supreme Court will take up for hearing today petitions challenging the interest component of the RBI's circular on loan moratorium.
Court is considering the aspect of interest levied on interest during the moratorium period.
#SupremeCourt @RBI
Supreme Court will take up for hearing today petitions challenging the interest component of the RBI's circular on loan moratorium.
Court is considering the aspect of interest levied on interest during the moratorium period.
#SupremeCourt @RBI
In the previous hearing, the #SupremeCourt had pulled up the Centre for failing to make its position on the issue clear.
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The moratorium period allowed for by the RBI came to an end yesterday (August 31).
Separate pleas seeking extension of this moratorium period are also likely to be taken up by the Court today.
#SupremeCourt @RBI #moratorium
Separate pleas seeking extension of this moratorium period are also likely to be taken up by the Court today.
#SupremeCourt @RBI #moratorium
Solicitor General Tushar Mehta informs the Court that the affidavit filed on behalf of the Court has been filed.
Bench says that it has not received the affidavit.
Mehta assures that the affidavit copies will be submitted to the Bench also.
Bench says that it has not received the affidavit.
Mehta assures that the affidavit copies will be submitted to the Bench also.
Mehta makes submissions before the Court on the issue of interest on interest.
Mehta: Please let Centre, RBI and the Bankers Association put our heads together
SC: Since day 1 we have been asking you to come up with a mechanism
Mehta: Please let Centre, RBI and the Bankers Association put our heads together
SC: Since day 1 we have been asking you to come up with a mechanism
Intervenor: My application is also to be heard, it is for extension of moratorium
Mehta: Moratorium is extended.
SC: It is extended?
Mehta: It is extended, it is extendable up to two years.
#SupremeCourt @RBI
Mehta: Moratorium is extended.
SC: It is extended?
Mehta: It is extended, it is extendable up to two years.
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Mehta: There are more issues involved, the economy is also stressed (referring to yesterday's GDP figures), this requires some extent of discussion.
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Mehta: We are trying our best to solve the problems. There are some decisions that were taken and these decisions of August 6 are also mentioned in the affidavit.
Justice Shah: There are other applications also which have to be heard on merits.
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Justice Shah: There are other applications also which have to be heard on merits.
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The Supreme Court lists the matter for hearing tomorrow (September 2) after having perused the affidavit filed.
Justice Bhushan: Mr. Mehta, this Bench is not scheduled to sit tomorrow. We will sit tomorrow only to hear this case.
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Justice Bhushan: Mr. Mehta, this Bench is not scheduled to sit tomorrow. We will sit tomorrow only to hear this case.
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ON SUBMISSION ON EXTENSION OF MORATORIUM:
SG Mehta has explained for clarity that the moratorium period is "capable of being extended" under the RBI circular.
#SupremeCourt @RBI
SG Mehta has explained for clarity that the moratorium period is "capable of being extended" under the RBI circular.
#SupremeCourt @RBI
Moratorium on loan repayment amid COVID-19: Centre, RBI, Bankers Association coming up with a solution, Supreme Court told [Read full story] @RBI #SupremeCourt
bit.ly/2EArQ4p
bit.ly/2EArQ4p
Loan moratorium is extendable up to two years under RBI's August 6 circular on COVID-19 resolution framework: Centre tells Supreme Court
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