Loan moratorium case: Supreme Court directs govt to file detailed affidavit in two weeks; next hearing on Sept

The Centre informed Supreme Court on Thursday that an Expert Committee at the highest level had been constituted in order to make a decision on the issue of moratorium extension, interest during the moratorium, interest on interest and other related issues. Solicitor General Tushar Mehta sought two weeks’ time in order to place on record a comprehensive affidavit in this regard before a bench of Justices Ashok Bhushan, R. Subhash Reddy and MR Shah.

The court granted the Solicitor General two weeks to placen record the requisite affidavit detailing and observed that interim orders shall continue till the next date.

“…..In view of the aforesaid, we are inclined to grant two weeks to file an appropriate affidavit. We make it clear that we shall consider different prayers made by petitioners on the next date”

Further to this, Court noted directed that all decisions taken by the RBI, GOI or the banks should be placed before the Court for consideration.

The bench was hearing plea(s) seeking an extension of the COVID-19 induced loan moratorium & waiver of accruing interest.

When the hearing began, SG sought deferment of the hearing for two weeks. This led to submissions on behalf of various stakeholders, sectors & individual borrowers, whereby they insisted on the issuance of interim orders for protection.

Though the bench was inclined to pass interim orders initially, with respect to charging of interest on interest on loans during the moratorium, it did not do so and listed the matter for further consideration on September 28.

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