New Delhi: The Supreme Court said on Friday that the courts are not experts in financial matters and have a written petition for new loan moratorium relief, extension of the period under the restructuring scheme and temporary cessation of the NPA’s statement by banks in the middle Covid-19 second wave.
A bank with judges Ashok Bhushan and MR Shah said: ‘We accept that we are not experts in financial matters. We can not expect financial implications. These issues are in the area of policy decisions. ”
The bank stressed that it is up to the government to assess the situation and make appropriate decisions.
Lawyer Vishal Tiwari submitted a petition asking for some relief for borrowers during the second wave Covid-19 pandemic and lockdown. The submitter claims that the second wave left at least 1 million people unemployed.
The bank pointed out that the RBI had already announced certain financial packages in its circular. The submitter replied that it was not sufficient to address the problems of the middle class families. The bank replied: “We can not decide on financial matters.”
Justice Shah added that the government has other urgent issues to address and pointed out vaccination, issues regarding migrant workers etc. must make appropriate decision.
The plea argues that the bank or financial institutions should refrain from conducting an auction for any property of any citizen, person or party or any enterprise for a period of six months.
The court requested the Supreme Court to order the center to allow all the financial institutions to grant interest-free moratorium period for term loan.
The applicant also asked for an extension of the payment of loan installments for a period of six months or until the Covid-19 crisis continues.
The plea added that no account could be declared a non-executive asset (NPA) for a period of six months, given the increase in the second wave of the Covid-19 pandemic.
Source: Telangana Today