SC asks Centre, RBI to file Kamath panel suggestions, their decisions on loan moratorium

New Delhi: The Supreme Court on Monday demanded to know if the government had taken any follow-up action by way of issuing any notifications to give effect to its recent offer to waive interest on interest on loans up to ₹2 crore in eight categories under its loan moratorium scheme for those affected by the pandemic.

A three-judge bench led by Justice Ashok Bhushan said the recent finance ministry affidavit had not addressed many issues pending before court. “When will it be done? This has been going on for long,” Justice MS Shah said.

“No consequential circular has been issued by the Reserve Bank of India or any other authority,” said Bhushan. “Give details on how banks will proceed with this plan,” the bench told Solicitor General Tushar Mehta. “… whatever recommendations by the Kamath committee… are to be considered by the Centre, as well as RBI… necessary orders (should) be issued to implement those recommendations, so that benefit which accrues from the report may percolate to all the needy persons.”

The top court also sought to know the recommendations of the Kamath committee — financial parameters for debt restructuring in 26 sectors affected by Covid-19— on these issues.

All this will be submitted to the court before the next date of hearing scheduled for Oct 13, 2020. A reference was also made in this context to the newly created Mehrishi committee.

The bench also issued notices to the government on two other pleas – filed by the Confederation of Real Estate Developers’ Association of India (CREDAI) and another by the power producers’ association – both seeking relief.

( Originally published on Oct 05, 2020 )

In Video: Loan moratorium: SC dissatisfied with Centre’s affidavit on interest waiver; hearing deferred to October 13

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