News Desk, Amar Ujala, New Delhi
Updated Thu, 19 Nov 2020 03:35 PM IST
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Supreme Court adjourns for next week the hearing in the loan moratorium case, asks the power-producing companies to give suggestions on loan relief to Reserve Bank of India
– ANI (@ANI) November 19, 2020
The Supreme Court held an important hearing in the loan moratorium case for waiving interest on interest. During the hearing, Solicitor General Tushar Mehta gave information about the Center’s November 9 affidavit. A bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah is hearing a petition for a six-month loan moratorium. The center had already extended loan moratorium facility to customers between March and August 2020. The court has already given instructions to waive interest on this period of interest, on which the central government has also agreed. The apex court had earlier said that the government should implement the interest waiver scheme at the earliest. The court had said that Diwali of the people is in the hands of the government this time.
Hearing after one month
The Supreme Court held its last hearing on the Lone Moratorium case on 14 October. During this time, the court said that the interest waiver scheme on interest should be implemented soon. The Center had sought time till November 15 for this. However, the apex court ordered the Center to issue the circular by 2 November. The court said that when the decision has been taken, why should it take so long to implement it.
Electricity producing companies expressed pain
The power generating companies who filed the petition said that they have been treated as ‘abusers’. Senior advocate Abhishek Manu Singhvi appearing for them said that before the Kovid-19 round on March 7, the Parliamentary Committee had supported their demand for restructuring their debt, but most banks are not ready to restructure our loan. Power generation companies have a debt of Rs 1.2 lakh crore, but FPIs or LICs are not being allowed to invest in them.
What is the matter
The Central Government, giving a festive season to millions of people, relieved interest on loan EMI interest during the moratorium period and returned the money to the people. The court had asked to implement it soon and indicated that The government should implement it before Diwali. The finance ministry issued detailed instructions in this regard on 23 October. The government returned the lump sum to the eligible loan holders for six months from March to August. This amount was equal to the difference between the compound interest and the simple interest on the loan installment and was returned to the bank accounts of the customers.