Loan Repayment
Supreme Court rebukes Centre on loan repayment interest, asks govt to take 'clear stand'
New Delhi/IBNS: The Supreme Court on Wednesday asked the central government to take a clear stand on the waiving of interest on loan repayment during the moratorium period, media reports said.
The top court has said the central government cannot hide behind the Reserve Bank of India (RBI) and should not look at businesses only.
Rebuking the government, a bench, headed by Justice Ashok Bhushan, said as quoted by NDTV, "This happened because you locked down the entire country. You have to tell us your stand on two things: disaster management act and if the interest on interest will be accounted for."
In reply, Solicitor General Tushar Mehta said, "There cannot be a solution which is one-size fits all."
"Mr. Mehta, this is not the time to think about business only," Justice MR Shah countered Mehta.
The highest level of Indian judiciary was hearing the petitions seeking the waiver of interest on loan repayment during the moratorium period which is due to end on Aug 31.
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