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Sunday, January 23, 2022

Hearing in the Supreme Court today on PIL to provide relief to the borrowers, demand for postponement of installment payment

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The petition said that the financial burden of the borrowers should be reduced. In the current situation, more than financial policy, there is a question of the existence of people.

Supreme Court (File Photo)

The Supreme Court will hear a public interest litigation on Monday to provide relief to the borrowers facing financial challenge during COVID-19. This petition, filed by advocate Vishal Tiwari, sought to give directions to the central government to take steps to overcome the financial challenges. On this PIL, the Supreme Court will hear the Vacation Bench of Justice Ashok Bhushan and Justice MR Shah.

The petition has sought a direction to the central government to give interest waiver on term loans to all banks or financial institutions and to postpone the installment payment of the loan for 6 months or till the status of COVID-19 returns to normal. Apart from this, the Center has also demanded to direct the banks and other financial companies that there should be no action against the borrowers for 6 months, because the restrictions like lockdown have affected the daily commanders.

According to the Hindustan Times report, the petition states, “Their (debtors’) financial burden should be reduced. Financial policies are made by the government, but in the current situation, more than financial policy, there is a question of the existence of the people. And the people of the country should live with respect and without any tension. “

The Supreme Court, in its order in March this year, stated that during the 6-month (March to August 2020) period of last year, no interest or punitive interest on any interest will be charged from the borrowers. If any such interest is taken, it should be adjusted against the refund or loan amount.

However, the Supreme Court dismissed the Traders’ Association and other appeals in which the entire interest waiver was sought during the waiver. Apart from this, the court refused to interfere in any decision in the decision not to extend the moratorium period of loan installment payment from 31 August. The court said that it is a policy decision, it will not interfere in it.

On March 27, the Reserve Bank had announced a moratorium on payment of loan installment of banks due to the lockdown imposed due to Corona virus epidemic last year. Initially, this moratorium was announced for the period from March 1 to May 31, 2020, which was later extended to August 31.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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