SC: Centre takes policy decisions regarding relief to people on repayment of loan

New Delhi, May 24 (SocialNews.XYZ) The Supreme Court on Monday said the Union government takes policy decision in connection with the nature of measures, to help people facing financial woes due to the ongoing Covid-19 pandemic.

Advocate Vishal Tiwari filed a petition seeking some relief to borrowers during the second wave of Covid-19 pandemic and lockdown. A bench of Justices Ashok Bhushan and M R Shah asked Tiwari to send a representation to the Union government. The bench said, "At the maximum, what we can do is that we can allow him (the petitioner) to give his representation to the central government."

The bench noted that the matter in connected with policy decision. After it was informed that the petitioner was not connected virtually to make his submissions, the top court posted the plea for further hearing on June 11. "We will adjourn the case to June 11", said the bench.

The plea contended that the bank or financial institutions should refrain from taking action for auction in respect of any property of any citizen or person or party or anybody corporate for a period of six months. The plea urged the top court to issue a direction to the Centre to permit all the financial institutions to grant interest free moratorium period for term loan. The petitioner also sought deferment of payment of loan instalments for a period of six months or till the Covid-19 crisis continues.

The plea added that no account should be declared as Non-performing Asset (NPA) for a period of six months, in the backdrop of the surge in the second wave of the Covid-19 pandemic.

Source: IANS