Thread by @barandbench

RBI CIRCULAR ON LOAN MORATORIUM:

#SupremeCourt will resume its hearing on the batch of petitions seeking relief in the form of extension of moratorium period beyond six months or waiver of interest on interest. Senior Adv V Giri for @RBI to continue arguments

#LoanMoratorium

Senior Adv V Giri: All that is required for a person to do to invoke the August 6 circular's benefit which comes with a Resolution Plan that is if the borrower is eligible.

Senior Adv Giri: The prayer for extension of date is not feasible..stand of RBI on clause 14 is that one does not have to carry the actual resolution plan...

Justice Shah: what about personal loans.

Giri: That's clause 9. I will come to that

Justice Bhushan: clarifications needs to be given to financial institutions and not the court. Banks need to know

Giri: If a clarification is needed We will issue one

Justice Subhash Reddy: we are only concerned with Covid stress

Senior Adv Giri: Extension of invocation date from December 31 is completely inconceivable..

Senior Adv Giri: Mr Huzefa Ahmadi said under 2019 circular review period is only 30 days. 2019 framework is available to everyone and this year is only for COVID stress.

Senior Adv Mukul Rohatgi for @TheOfficialSBI begins submissions.

Rohatgi: this cannot be decided by hearing parties in the courtroom. People have deposited large sums of money. Under Article 32 restructuring of loans cannot be asked for.

Justice Bhushan: We have to hear Senior Advocate Harish Salve and rejoinder by Senior Adv Shrivastava. Let's continue on Monday.

Senior Adv Mukul Rohatgi: I need 10 more minutes.

Justice MR Shah: We were so happy to hear that you have finished (laughs)

Supreme Court to Senior Adv Giri: Please issue clarifications which you need to by Monday.

Senior Adv Giri for @RBI : i understand what's falling from my lords. We will do the needful

(Court does not record this in the order)

Matter over