Plea seeking relinquishment of Interest: Supreme Court will deliver findings (Loan Moratorium Case)

The Supreme Court will deliver its finding tomorrow on a batch of pleas filed by borrowers within the loan moratorium case seeking relinquishment from interest on interest in respect of EMIs that weren’t paid by them once availing the loan moratorium theme extended by Reserve Bank of India (RBI) throughout March one to August thirty one in view of the COVID-19 pandemic (Small Scale Industrial Manufactures Association v. Union of India).

The judgment will be delivered by a bench of Justices Ashok Bhushan, R Subhash Reddy and Mr. Shah

The pleas, filed before the highest court, wanted AN extension of the loan moratorium adding as relinquishment of interest on term loan EMIs throughout the six-month moratorium periosd.

Reserve bank of India (RBI) had on March twenty seven proclaimed a loan moratorium theme, that allowed disposal establishments to grant a temporary relief to borrowers on payment of installments of term loans falling due between March one, 2020, and May 31, 2020, thanks to the pandemic and also the ensuant worsening in economic activities.

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