Apex Court adjourns Interest Waiver Case to November 19

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On Wednesday, the Apex Court adjourned the hearing for tomorrow on the pleas seeking direction for waiving of interest on the loan during the moratorium period introduced during the Covid-19 pandemic times.

A bench of the Supreme Court, headed by Justice Ashok Bhushan adjourned the matter for tomorrow in the matter.

The Central Govt, in its affidavit filed before the Supreme Court on Oct 25, had stated that the interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to Aug 31, 2020.

This decision was taken by the Ministry of Finance & has been approved by the Union Cabinet in its meeting held on Oct 21, the affidavit said.

Earlier, the Ministry of Finance had approved a scheme to provide relief in interest compounding to borrowers for the 6-month loan moratorium period up to Rs 2 crore after the Supreme Court had directed the Centre to implement the interest waiver on loans as soon as possible observing that it is not fair on the Govt’s part to delay the implementation of its decision.

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