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SC: Interest On Interest Waiver Case Adjourned To Nov 2; Implementation Expected By Then
The SC hearing on the interest on interest waiver case for deferred EMIs under loan moratorium begins with the Counsel for bank Harish Salve asking for more time. Nonetheless the apex court after hearing the different arguments observes that borrowers' interest has been protected from being classified as NPAs.
Government has also placed before the SC its roadmap ahead and have provided a maximum timeline of November 15 for implementing the interest on interest waiver decision. And the SG Tushar Mehta for government said that the government has taken upon itself a huge burden, will not cause delays.
Now the apex court further made an observation that it expects the implementation to be done by the next hearing that is scheduled for November 2 and on a lighter note said that 'borrowers' Diwail is in the hands of the government'.
Also as the court usually sits still 4pm, Justice Bhushan said that he understands that the court proceedings on the matter cannot be completed today but still he wishes to hear to the Solicitor General.
Have filed a separate plea for shopping centres, said counsel P Chidambaram for their association. Only raising issues raised by the govt, RBI, Kamath Committee.
Counsel for the real estate Aryama Sundaram said We have been completely left out, To tell us to go tor banks to figure out a solution with the bank is the not the answer to the question faced by builders.
Petitioner for individual borrower opines that banks have already begun to charge interest on interest and that they should be stopped.
The RBI has however asked the apex court not to undermine its regulatory mandate and also allow it to classify accounts as NPAs if the case be. Also, it has submitted affidavit to the apex court opposing further extension of the loan moratorium and stated that extension beyond six months will be inappropriate. Further, it has left the say to individual banks to decide on providing loan moratorium relief for an extended time.
The government earlier allowed waiver on compound interest for loan up to Rs. 2 crore and accepted to bear the burden due to it.
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