{"id":249685,"date":"2021-06-11T18:15:11","date_gmt":"2021-06-11T12:45:11","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=249685"},"modified":"2021-06-18T10:49:10","modified_gmt":"2021-06-18T05:19:10","slug":"covid-19-second-wave-financial-relief-a-policy-matter-similar-order-already-passed-sc-refuse-to-entertain-plea-seeking-loan-moratorium-extension","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/11\/covid-19-second-wave-financial-relief-a-policy-matter-similar-order-already-passed-sc-refuse-to-entertain-plea-seeking-loan-moratorium-extension\/","title":{"rendered":"COVID-19 Second Wave | Financial relief a policy matter; Similar order already passed: SC refuse to entertain plea seeking loan moratorium extension"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court<\/strong>: The bench of Ashok Bhushan and MR Shah, JJ has refused to pass any direction in the petition seeking effective and remedial measures to redress and overcome the financial stress and hardship faced by the borrowers of the country during the second wave of Covid 19 and lockdown.<\/p>\n<p style=\"text-align: justify;\">The Circular of the Reserve Bank of India (RBI) dated 05.05.2021, by which the Reserve Bank of India has issued Resolution of Covid 19 related stress of Micro, Small and Medium Enterprises (MSMEs), was put before the Court in support of the petition. It was argued that the Circular does not sufficiently address the hardship of the borrowers.<\/p>\n<p style=\"text-align: justify;\">The Court, however, said,<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">\u201cBe that as it may, the financial relief and other measures are in the domain of the Government and essentially related to policy matter.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">It is pertinent to note that the 3-judge consisting of both the judges of the present bench, along with R. Subhash Reddy, J had, in a breather to customers in the case relating to waiver of interest on loan during the moratorium period, 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;\">Read the full report on the said order here:<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"UTzLMfe3qP\"><p><a 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\/\">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<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;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&#8221; &#8212; SCC Blog\" src=\"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\/embed\/#?secret=UTzLMfe3qP\" data-secret=\"UTzLMfe3qP\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p style=\"text-align: justify;\">The Court, hence, left it to the Union of India and the Reserve Bank of India to consider and take appropriate decision in the matter.<\/p>\n<p style=\"text-align: justify;\">[Vishal Tiwari v. Union of India, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/7gDj8EE0\"><b>2021 SCC OnLine SC 423<\/b><\/a>, order dated 11.06.2021]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\">For Petitioner: Petitioner-in-person<\/p>\n<p style=\"text-align: justify;\">For Respondent: Mr. Tushar Mehta, SG<\/p>\n<p style=\"text-align: justify; padding-left: 120px;\">Ms. Aishwarya Bhati, ASG<\/p>\n<p style=\"text-align: justify; padding-left: 120px;\">Mr. Rajat Nair, Adv.<\/p>\n<p style=\"text-align: justify; padding-left: 120px;\">Mr. Kanu Agrawal, Adv.<\/p>\n<p style=\"text-align: justify; padding-left: 120px;\">Mr. B.V. Balramdas, AOR<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court: The bench of Ashok Bhushan and MR Shah, JJ has refused to pass any direction in the petition seeking effective <\/p>\n","protected":false},"author":121,"featured_media":243205,"comment_status":"open","ping_status":"open","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-249685","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 Second Wave | Financial relief a policy matter; 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SC asks Govt to implement decision to forego compound interest on these 8 categories","author":"Prachi Bhardwaj","date":"November 28, 2020","format":false,"excerpt":"Supreme Court: In a breather to customers in the case relating to waiver of interest on loan during the moratorium period, the 3-judge bench of Ashok Bhushan*, 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,\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":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/sc-07-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/sc-07-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/sc-07-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/sc-07-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/sc-07-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":232028,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/10\/kar-hc-court-directs-rbi-to-monitor-implementation-of-the-circular-relating-to-regulatory-package-during-covid-times\/","url_meta":{"origin":249685,"position":1},"title":"Kar HC | Court directs RBI to monitor implementation of the Circular relating to regulatory package during COVID times","author":"Bhumika Indulia","date":"July 10, 2020","format":false,"excerpt":"Karnataka High Court: Suraj Govindaraj, J., dealt with a petition which was filed in order to enforce the regulatory package announced by the RBI by issuing directions to the RBI to\u00a0 monitor the implementation of the Circular, including verification\u00a0 of whether there are Board-approved policies formulated by each of the\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":246003,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/23\/loan-moratorium-case-supreme-court-says-no-to-total-waiver-of-interest-and-extension-of-moratorium-period-but-directs-full-waiver-of-compound-interest\/","url_meta":{"origin":249685,"position":2},"title":"Loan Moratorium Case| Supreme Court says no to total waiver of interest and extension of moratorium period but directs full waiver of compound interest","author":"Prachi Bhardwaj","date":"March 23, 2021","format":false,"excerpt":"There was no justification shown by the Government to restrict the relief of not charging interest on interest with respect to the loans up to Rs. 2 crores only and that too restricted to only 8 categories.","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":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":232413,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/17\/bom-hc-rbi-circulars-granting-moratorium-on-loan-repayment-does-not-apply-to-mutual-funds-and-debentures\/","url_meta":{"origin":249685,"position":3},"title":"Bom HC | RBI Circulars granting moratorium on loan repayment does not apply to mutual funds and debentures","author":"Bhumika Indulia","date":"July 17, 2020","format":false,"excerpt":"Bombay High Court:\u00a0A Division Bench of R.D. Dhanuka and V.G. Bisht, JJ., held that the RBI Circulars dated 27th march, 2020 and 23rd may, 2020 with regard to moratorium on repayment of term loans will not apply to Mutual Funds and Debentures. Petitioner had made a private placement of 650\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":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.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":249685,"position":4},"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":249685,"position":5},"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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/249685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=249685"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/249685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/243205"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=249685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=249685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=249685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}