Decision in 2-3 days over interest on deferred instalments by banks, Centre tells Supreme Court

The Centre informed the Supreme Court on Monday that a decision is likely in 2-3 days over charging of interest by banks on instalments which were deferred during the moratorium period in view of the COVID19 pandemic.

The top court asked the Centre to bring the decision on record and circulate the affidavit to the parties in a batch of pleas challenging interest on deferred instalments.

   

The Centre informed the top court that the matter has received very serious consideration and the decision making process is at advanced stage.

A bench headed by Justice Ashok Bhushan said that it would hear the batch of pleas filed by various industries, trade associations and individuals on October 5.

“Mr Tushar Mehta, learned Solicitor General, submits that the issues are under active consideration of the Government of India and only after decision is taken, an affidavit along with decision can be filed.

“He further submits that the affidavit will be sent by October 1, through email to appearing counsel. List on October 5, 2020,” said the bench also comprising Justices R Subhash Reddy and M R Shah.

Mehta, appearing for the Centre said the government is looking into several economic issues.

The bench asked Mehta if he will be able to circulate his affidavit in advance to the parties concerned to which he agreed.

“We will fix the matter for Monday (October 5). Whatever is your policy, whatever you have, you circulate it. We will take it up on Monday. We don’t want any further adjournment,” the bench said.

It said that Mehta shall endeavour to circulate the affidavit among the parties by Thursday so that the matter is heard on October 5.

“The decision taken by the government should be brought on record along with an affidavit,” the bench said.

Senior advocate Rajiv Dutta, appearing for the main petitioner Gajendra Sharma, said this is a very important matter and banks are acting as if it is a very normal issue.

Mehta requested him to wait for 2-3 days so that the government can take a final call. “I assure you that it is under consideration and it is at a very advanced stage”.

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