Supreme Court's October 5 hearing on loan moratorium

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  • The Supreme Court asked the Centre and the RBI to place on record the K V Kamath committee recommendation on debt restructuring due to COVID-19 related stress on various sectors as also the notifications and circulars issued by them so far on the issue of loan moratorium.
  • A bench comprising Justices Ashok Bhushan, R Subhash Reddy and M R Shah took up the pleas alleging that banks have decided to charge interest on the EMIs which have not been paid by the borrowers from March one to August 31 after taking benefit of the loan moratorium scheme of the Reserve Bank of India (RBI).
  • In the hearing conducted through video conferencing, the top court took note of the grievances that various sectors such as real estate have been left out under the new proposal by the Centre.
  • The Kamath panel had made recommendations for 26 sectors that could be factored by lending institutions while finalizing loan resolution plans.
  • The apex court has asked the Centre and the RBI to place before it within a week the recommendations and the decisions and other notifications on loan moratorium and also "consider the issues raised by the real estate associations and the power producers".

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