COVID-19 crisis: SC defers plea seeking interest waiver, loan moratorium; hearing to resume on June 11

The plea seeking interest waiver and loan moratorium on account of the lockdown led distress seen last year has resurfaced once again. The petition has been filed afresh before the apex court.

The petition seeks a 6-month moratorium on term loans on account of distress caused by lockdowns. It also seeks an interest waiver for 6 months and directions to restrain banks from classifying accounts as NPAs.

However, the Supreme Court observed that this is a policy decision and the court cannot decide to pass such directions. The hearing has been deferred to June 11.