Business SC dismisses plea seeking fresh loan moratorium

SC dismisses plea seeking fresh loan moratorium

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New Delhi, Jul 9(ILNS) The Supreme Court today dismissed a Miscellaneous Application(MA)seeking directions for providing fresh loan moratorium to the borrowers giving relief to the public at large in the wake of the pandemic. 

A divisional bench of Justice DY Chandrachud and Justice MR Shah noted, “Once a Matter is disposed you cannot file a MA.”
The Miscellaneous application filed by Advocate Vishal Tiwari asked for extension of time period under the restructuring scheme and also a temporary cessation of the declaration of Non Performing Assets(NPAs) by banks and other financial organizations.
Tiwari submitted, “We are just seeking some observation. Borrowers are still suffering during this pandemic.”
The plea had urged the 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.
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.”/ILNS/KR/SNG

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