Plea In Supreme Court Seeks A Direction To Extend Moratorium Period Till March 31,2021
(Judicial Quest News Network)
A plea has been filed in Supreme Court with an amendment Applicaion for the prayers in the plea seeking directions to extend the moratorium period till March 31, 2010.
Already Apex Court has several petitions pertaining to the moratorium extension one of the Advocate Vishal Tiwari has sough the modification of the original prayers in the plea which is filed for the extension of the moratorium period up to December,31,2020, stating that the current situation demnds the necessitates that moratorium shall be extended and granted up to March,31,2021,
Various people have lost jobs during this situation of biological emergency and various professionals and independent litigators have gone through real financial hardship. Due to the lockdown scenario in the country because of the pandemic, it has become a real struggling issue to pay off the monthly loan instalments as there is no constant and secured income of the legal professionals and independent litigators due to the closure of the physical hearing in various Courts of the country including the Supreme Court of India.
It is further submitted that the other sectors like tourism and transport Industry is also facing slump in their business as due to restrictions the people are avoiding travel and visiting places. These sectors require more time to emerge from this financial crisis. And in the present scenario they are not able to pay their monthly instalments to the lending Banks/NBFCs. Restructuring scheme introduced by the RBI is of no relief to the borrowers as the entire discretion has been given to the banks.
Earlier this month the Centre had urged a bench of Justices Ashok Bhushan, MR Shah and Subhash Reddy to not intervene and provide further relief to borrowers under Article 32 as the Government was already” on top of it”.
The Solicitor General Tushar Mehta said that the several relief packages and schemes had been worked out with technical experts and the intervention of the Court in fiscal policy issues is uncalled for.
The petitioner further submitted that many countries like Sri lanka, Malaysia has extended the moratorium till 31st march 2021. The many sectors are demanding the government for the moratorium extension for further months. The present situation demands and necessitates that the moratorium shall be extended and granted up to 31st march 2021.
