The Supreme Court has adjourned the hearing on the loan moratorium case of banks till November 18.
As soon as the hearing of the case began on Thursday before a bench headed by Justice Ashok Bhushan, the petitioner appreciated the steps taken by the government in this direction. The petitioner thanked the Ministry of Finance, Reserve Bank, and Solicitor General Tushar Mehta for exemption from compound interest.
Additional Solicitor General Venkataraman appearing for the Center told the bench that Mr. Mehta is busy hearing the matter related to the Central Vista project, so the hearing should be deferred.
Meanwhile, senior advocate Abhishek Manu Singhvi appearing for the companies of the power sector said that the entire power sector is going through problems. Whereas the Reserve Bank said that it is suffering due to the ban on the declaration of non-performing assets (NPAs).
The court said that the Reserve Bank can present its case for the next hearing on this point. Meanwhile, senior advocate Harish Salve was also heard giving some arguments, but by then the bench adjourned the hearing till November 18.