The Supreme Court on Monday indicated that it would not be able to grant relief in terms of an interest-free loan moratorium for a period of six months or till the coronavirus situation improves.

The Bench of Justices Ashok Bhushan and M R Shah made this observation while talking among themselves as the petitioner's lawyer Vishal Tiwari did not connect on the video conferencing. The hearing was put off to June 11 since Tiwari didn't come on line to argue his case for moratorium in view of the loss of business opportunities and unemployment due to the second wave of Covid-19.

The petition stated that the Central government and its concerned ministries along with the RBI have failed to bring in any sound relief in this present situation for stressed sectors and individuals for whom sustenance and existence have come under a cloud.

"No such monetary relief and packages has been declared by the sovereign in this stressed time and people are under tremendous pressure to maintain the EMIs and is always under the threat of accounts being declared NPA. With no salary, revenue for individuals it has turned out to be a hopeless situation for individuals. The RBI on 6-5- 2021 has issued a circular for resolution plan 2.0, which cannot be said adequate relief to all in the present circumstances being arbitrary, unfair and just an eyewash," the petition stated.

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