Supreme Court adjourns interest waiver case to November 19

The Central government, in its affidavit filed before the apex court on October 25, had stated that the interest waiver scheme can be availed by borrowers in specified loan accounts.

New Delhi: The Supreme Court on Wednesday adjourned the hearing for tomorrow on the petitions seeking direction for waiving of interest on loan during the moratorium period introduced during the Covid-19 pandemic times.

A bench of the Apex Court, headed by Justice Ashok Bhushan adjourned the matter for tomorrow in the matter.

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The Central government, in its affidavit filed before the apex court on October 25, had stated that the interest waiver scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.

This decision was taken by the Ministry of Finance and has been approved by the Union Cabinet in its meeting held on October 21, the affidavit stated.

Earlier, the Ministry of Finance had approved a scheme to provide relief in interest compounding to borrowers for the six-month loan moratorium period up to Rs 2 crore after the top court had directed the Centre to implement the interest waiver on loans as soon as possible observing that it is not fair on the government’s part to delay the implementation of its decision.