<p>The Supreme Court on Thursday decided to consider on November 18 a matter related to RBI's circular on Covid-19 induced loan moratorium, as power producers and MSME sought relief after the government decided to waive off compound interest on loan upto Rs 2 crore.</p>.<p>A bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah posted the batch of pleas for hearing on November 18.</p>.<p>Senior advocate Rajiv Dutta, appearing for lead-petitioner, Gajendra Sharma, submitted that he was extremely grateful to the Centre and the RBI for helping the borrowers. He said the individual borrowers were satisfied with government's pay-back scheme rolled out from November 5.</p>.<p>He asked the court to dispose of his petition in wake of the affidavits by the RBI.</p>.<p>Last month, the RBI informed the court that the Union government has come out with a scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months period of moratorium, to the borrowers in specified loan accounts.</p>.<p>Under the scheme, borrowers of MEME, education, housing, consumer durables, credit card dues, automobile loans, personal loan to professionals, consumptions loans, with outstanding amount not exceeding Rs 2 crore, would be granted relief.</p>.<p>The scheme would apply for the six-month period from March 1, 2020 to August 31, 2020.</p>.<p>On Thursday, the court was informed that Solicitor General Tushar Mehta was putting forth arguments in the central vista matter.</p>.<p>Senior advocate Abhishek Manu Singhvi, however, asked the court to hear him relief for power producers.</p>.<p>Senior advocate V Giri, appearing for the RBI sought lifting restriction on classifying loans as Non Performing Assets.</p>.<p>The court allowed the parties to circulate short notes on the submissions before the next date of hearing.</p>
<p>The Supreme Court on Thursday decided to consider on November 18 a matter related to RBI's circular on Covid-19 induced loan moratorium, as power producers and MSME sought relief after the government decided to waive off compound interest on loan upto Rs 2 crore.</p>.<p>A bench of Justices Ashok Bhushan, R Subhash Reddy and M R Shah posted the batch of pleas for hearing on November 18.</p>.<p>Senior advocate Rajiv Dutta, appearing for lead-petitioner, Gajendra Sharma, submitted that he was extremely grateful to the Centre and the RBI for helping the borrowers. He said the individual borrowers were satisfied with government's pay-back scheme rolled out from November 5.</p>.<p>He asked the court to dispose of his petition in wake of the affidavits by the RBI.</p>.<p>Last month, the RBI informed the court that the Union government has come out with a scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months period of moratorium, to the borrowers in specified loan accounts.</p>.<p>Under the scheme, borrowers of MEME, education, housing, consumer durables, credit card dues, automobile loans, personal loan to professionals, consumptions loans, with outstanding amount not exceeding Rs 2 crore, would be granted relief.</p>.<p>The scheme would apply for the six-month period from March 1, 2020 to August 31, 2020.</p>.<p>On Thursday, the court was informed that Solicitor General Tushar Mehta was putting forth arguments in the central vista matter.</p>.<p>Senior advocate Abhishek Manu Singhvi, however, asked the court to hear him relief for power producers.</p>.<p>Senior advocate V Giri, appearing for the RBI sought lifting restriction on classifying loans as Non Performing Assets.</p>.<p>The court allowed the parties to circulate short notes on the submissions before the next date of hearing.</p>
