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Centre Tells SC That Moratorium Period Might Be Extended For Two More Years
By: Tupaki Desk | 1 Sept 2020 1:42 PM IST
The Supreme Court heard two petitions filed by Gajender Sharma and lawyer Vishal Tiwari on loan moratorium row. Vishal Tiwari asked the SC to extend the moratorium period, while Gajendra Sharma requested the SC to waive the interest on the loans.
The Solicitor general Tushar Mehta who represented the center and Reserve Bank of India(RBI) told the Apex Court that the moratorium period of loan payments might be extended for two more years.
The three-judge Constitutional bench led by Justice Ashok Bhushan which heard the petitions in this regard said, let the Centre and RBI call for a meeting and come up with a solution for this.
The bench asked the Centre to file a reply on the moratorium row through Solicitor General and it will hear the bunch of petitions to seek the waiver of interest for the EMIs in the moratorium period.
Following the nationwide lockdown imposed in India after the Coronavirus outbreak, the Reserve Bank of India(RBI) announced a loan moratorium on 22 May which will be applicable till the 31st of August.
However, the option to extend the moratorium was left to the people. If they want they can use the option. The interest amount applies to the EMIs and other loans during the moratorium period.
The Solicitor general Tushar Mehta who represented the center and Reserve Bank of India(RBI) told the Apex Court that the moratorium period of loan payments might be extended for two more years.
The three-judge Constitutional bench led by Justice Ashok Bhushan which heard the petitions in this regard said, let the Centre and RBI call for a meeting and come up with a solution for this.
The bench asked the Centre to file a reply on the moratorium row through Solicitor General and it will hear the bunch of petitions to seek the waiver of interest for the EMIs in the moratorium period.
Following the nationwide lockdown imposed in India after the Coronavirus outbreak, the Reserve Bank of India(RBI) announced a loan moratorium on 22 May which will be applicable till the 31st of August.
However, the option to extend the moratorium was left to the people. If they want they can use the option. The interest amount applies to the EMIs and other loans during the moratorium period.