{"id":239823,"date":"2020-11-28T16:41:10","date_gmt":"2020-11-28T11:11:10","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=239823"},"modified":"2021-03-23T19:36:36","modified_gmt":"2021-03-23T14:06:36","slug":"covid-19-seeking-waiver-of-interest-for-loan-during-the-moratorium-period-sc-asks-govt-to-implement-decision-to-forego-interest-on-these-8-categories","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/28\/covid-19-seeking-waiver-of-interest-for-loan-during-the-moratorium-period-sc-asks-govt-to-implement-decision-to-forego-interest-on-these-8-categories\/","title":{"rendered":"COVID-19| Seeking waiver of interest on interest for loan during the moratorium period? SC asks Govt to implement decision to forego compound interest on these 8 categories"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court<\/strong>: In a breather to customers in the case relating to waiver of interest on loan during the moratorium period, the 3-judge bench of <strong>Ashok Bhushan<\/strong>*, R. Subhash Reddy and MR Shah, JJ has directed that all steps to implement the decision dated 23.10.2020 of the Government of India, Ministry of Finance be taken so that benefit to the eight categories contemplated in the affidavit can be extended.<\/p>\n<p style=\"text-align: justify;\">The affidavit dated 23.10.2020, states that<\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\">\u201c (\u2026) the decision taken by the Central Government for granting various reliefs for the COVID-19 pandemic for benefit of waiver of interest upto Rs.2 Crores in eight categories has been approved by the Union Cabinet in its meeting dated 21.10.2020 and Ministry of Finance has issued directions dated 23.10.2020 on the subject, which has been brought on record alongwith the affidavit.\u201d<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>The eight categories are:<\/strong><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(i) MSME loans<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(ii) Education loans<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(iii) Housing loans<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(iv) Consumer durable loans<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(v) Credit card dues<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(vi) Automobile loans<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(vii) Personal loans to professionals<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">(viii) Consumption loans up<\/p>\n<p style=\"text-align: justify;\">Solicitor General Tushar Mehta submitted before the Court that the Central Government is fully conscious of the difficulties faced by the various sectors and the stakeholders of various sectors and the Finance Ministry, after the outbreak of COVID-19, has taken several measures of reliefs dealing with the potential problems faced by several sectors and in several spheres of all financial worlds.<\/p>\n<p style=\"text-align: justify;\">It was further highlighted that in pursuance of circular dated 23.10.2020,<\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\">\u201c\u2026 the State Bank of India has informed that as on 13.11.2020, as per provisional, unaudited information received so far from various lending institutions, such lending institutions have released ex-gratia amount of an aggregate exceeding Rs.4,300 Crores in over 13.12 Crore accounts of borrowers covered under the Scheme.\u201d<\/span><\/p>\n<\/blockquote>\n<p>The Court will continue to hear the matter on 02.12.2020.<\/p>\n<p style=\"text-align: justify;\">[Gajendra Sharma v. Union of India, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/0J349N2d\"><b>2020 SCC OnLine SC 963<\/b><\/a>, decided on 27.11.2020]<\/p>\n<hr \/>\n<p><strong>*Justice Ashok Bhushan has penned this judgment<\/strong><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><strong>For petitioner<\/strong>: Senior Advocate Rajiv Dutta<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008000;\"><strong>For RBI<\/strong>: Solicitor General Tushar Mehta, Senior Advocate V. Giri and Advocate Ramesh Babu M.R.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: In a breather to customers in the case relating to waiver of interest on loan during the moratorium period, the <\/p>\n","protected":false},"author":121,"featured_media":239472,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[9631,39839,39924,12811,44245,2591,44243,30292,35059,41012,44244],"class_list":["post-239823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-banks","tag-coronavirus","tag-covid-19","tag-debts","tag-financial-sector","tag-Interest","tag-interest-waiver","tag-loan","tag-loans","tag-moratorium-period","tag-supremecourt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COVID-19| Seeking waiver of interest on interest for loan during the moratorium period? SC asks Govt to implement decision to forego compound interest on these 8 categories | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/28\/covid-19-seeking-waiver-of-interest-for-loan-during-the-moratorium-period-sc-asks-govt-to-implement-decision-to-forego-interest-on-these-8-categories\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19| Seeking waiver of interest on interest for loan during the moratorium period? 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Supreme Court \u2666 Justice NV Ramana to be the 48th Chief Justice of India https:\/\/bit.ly\/3tQ9bp7\u200b \u2666 Andhra CM Jagan Mohan\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-3-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-3-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-3-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-3-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/MicrosoftTeams-image-3-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251229,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/14\/debts-by-nationalised-banks\/","url_meta":{"origin":239823,"position":3},"title":"Madras HC | Is writ petition maintainable against Asset Reconstruction Co. which is assigned debts by nationalised banks? Is there element of public duty and obligation to follow RBI Circulars? HC decides","author":"Bhumika Indulia","date":"July 14, 2021","format":false,"excerpt":"Madras High Court: V. Parthiban, J., expressed that plea of public interest in a private loan transaction is only a mask to conceal for petitioners\u2019 interest with a view to obstruct the enforcement of contractual obligation. Instant petition was filed against the letter of respondent calling upon the petitioner company\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":229097,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/05\/07\/causatum-of-corona-on-the-banking-sector\/","url_meta":{"origin":239823,"position":4},"title":"Causatum of Corona on the Banking Sector\u00a0","author":"Bhumika Indulia","date":"May 7, 2020","format":false,"excerpt":"by Arjun Garg* & Rati Tandon**","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"Banking Sector","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/virus.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/virus.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/virus.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/virus.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/05\/virus.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":227777,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/04\/01\/covid-19-indian-banks-assn-clarifies-queries-on-rbis-announcement-of-3-months-moratorium-in-view-of-corona-virus-outbreak\/","url_meta":{"origin":239823,"position":5},"title":"COVID 19 | Indian Banks Assn. clarifies queries on RBI&#8217;s announcement of 3-months moratorium in view of Corona Virus Outbreak","author":"Bhumika Indulia","date":"April 1, 2020","format":false,"excerpt":"RBI Moratorium on EMI: FREQUENTLY ASKED QUESTIONS Last week, the\u00a0Reserve Bank of India announced a three-month moratorium on all term loans outstanding\u00a0as on March 1, 2020, as well as on working capital facilities. 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