New Delhi: A hearing is going on in the Supreme Court today to demand the extension of moratorium period. Yes, senior lawyer Rajib Dutta, appearing for the general public, is present here. Recently, he said in the court that, 'The public is going through a difficult phase at this time. This plan is like a double whammy for everyone. In fact, during the hearing on Tuesday, the Center had filed an affidavit in the court saying that the loan moratorium facility can be extended for two years.' At the same time, the counsel of the petitioners Rajib Dutta has now argued in the court that 'charging interest is prima facie wrong and banks cannot charge it'.
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Petitioners' lawyer Rajib Dutta further argued in SC that interest on interest is prima facie wrong & banks can't charge it.
— ANI (@ANI) September 2, 2020
Senior lawyer Aryaman Sundaram, appearing for CREDAI, says it's unfair to charge penal interest on borrowers as in long run, it may lead to increasing NPAs https://t.co/CSfNPIGdVN
Meanwhile, Senior Advocate Aryaman Sundaram, fighting on behalf of CREDAI, stated that "It is improper to collect punitive interest on borrowers for a long time, this may increase the NPA." In fact, a bench of three judges headed by Justice Ashok Bhushan of the Supreme Court is engaged in hearing two petitions seeking an extension of the loan moratorium. In such a situation, Solicitor General Tushar Mehta, appearing for the Center on Tuesday, filed an affidavit in the court.
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In this, he said that 'Debt moratorium can be increased for two years. But this will be given to a few sectors. At the same time, he has also given a list of sectors in the court, which may plan to provide further relief.' The Supreme Court had said recently that it will hear the matter on Wednesday, which has been issued today.
What is Moratorium - Loan Moratorium is a facility under which corona affected customers or companies were exempted. Under this, customers and companies had the facility to postpone their monthly installments.
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