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Supreme Court dismisses plea seeking fresh loan moratorium

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Supreme Court dismisses plea seeking fresh loan moratorium
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The Supreme Court on Friday dismissed a Miscellaneous Application seeking direction to provide fresh loan moratorium to the borrowers, giving relief to the public at large, in the wake of COVID-19 pandemic.

A Division Bench of Justice DY Chandrachud and Justice MR Shah noted, “Once a matter is disposed, you cannot file an MA.”

The application, filed by Advocate Vishal Tiwari, sought extension of time period under the restructuring scheme and also temporary cessation of the declaration of NPAs by banks and other financial organisations.

“We are just seeking some observation. The borrowers are still suffering during this pandemic,” Mr Tiwari submitted.

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The plea urged the apex court to direct that no bank or financial institution will take action for auction in respect of any property of any citizen or person or party or anybody corporate for a period of six months.

Mr Tiwari said that no account should be declared as non-performing asset for a period of six months. However, the bench dismissed the application stating, “You have filed a substantive relief. Sorry, we cannot entertain this.”

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