The Supreme Court has slammed the government while hearing a case involving a loan moratorium. The court said you come to court with the right decision. We hope the government will come to court with a proper decision. Mr. Mehta (Solicitor General Tushar Mehta), the Diwali of the common people is now in your hands. You understand the difficult situation of ordinary people. The court will next hear the case on November 2.
Banks have started charging interest on interest
An application filed by the individual lender at this earlier hearing said that the banks have started charging interest on interest. This situation needs to be stopped on an immediate basis. While the real estate sector organization Credai has said that we are out of it. We have been asked to work with the banks to resolve this issue. However this is not the answer to the problem the builder is facing.
What is the plan for implementation?
The court asked the government that you have already given a benefit to the borrower of Rs 2 crore. But what is the plan for its implementation? In this regard, Harish Salve said that we have already implemented it. Of course it is in large numbers, so we will have it completed in the near future. The bench said there is a different method of recovery. Therefore, it is necessary to discuss with the stakeholders and follow it properly
The general public is concerned
The bench said that the general public is concerned that the government has taken this decision only for those with loans up to Rs 2 crore. During the hearing, advocate Srivastava said the government had presented its position in a very limited manner. Banks have not yet been given any orders. The bench said that the RBI had said that everything was done, everyone was saying that everything was done. There is no question about this. But when did it happen? Do you want a month for this?
There is no point in delaying, Justice
Justice Bhushan said there was no point in delaying the government’s decision. We will place an order. At the time, Solicitor General Tushar Mehta said the bench had not listened to the government. “We have always allowed the government,” Justice Bhushan said. We have said that the government should return with direction. But it is not in the public interest for you to delay any decision.
The government understands the difficult situation of ordinary citizens
Another Justice Shah said the government should look into the plight of ordinary citizens. Regarding this, Tush Mehta said that this is very difficult for the government. In this regard, the judge said, “Mr. Mehta, listen to me.” You just have to be more discriminating with the help you render toward other people. You have not ordered anyone. You must order.
Interest on interest will be forgiven
Tushar Mehta said the bank would waive the interest on the interest and then the compensation would be given by the government as well as its calculation would be different. We have to make sure that the bank gives us the right format. P. Chidambaram, on the other hand, said the court wanted a statement from the banks on the categories and a message should be sent to the general public. P. for the Shopping Center Association. Chidambaram has filed a separate petition. They are only raising issues raised by the government, RBI and Kamath Committee. Tushar Mehta said about this that I want to measure. Not sending any messages. The government has made a decision.
“What we have said is that we welcome the government’s decision in the interest of the common man,” Justice Shah said. The only thing is that it should be implemented soon.
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