Maintaining that the judges are not experts in financial matters, the Supreme Court on Friday refused to consider a plea for fresh loan moratorium relief, an extension of the time period under the restructuring scheme and temporary cease on the declaration of NPA by banks due to Covid-19 second wave.
“We accept that we aren't experts in financial matters. We can't anticipate financial implications. These issues are in the realm of policy decisions,” a bench of Justices Ashok Bhushan and M R Shah said.
The court stressed that it is for the government to assess the situation and take appropriate decisions.
Advocate Vishal Tiwari sought some relief for borrowers during the second wave of Covid-19, claiming that the second wave has made at least one crore people jobless.
The bench, however, pointed out that RBI has already announced certain financial packages as per its circular, which the petitioner said was not sufficient to address the problems of middle class families.
To this, the bench said, “We cannot decide financial matters.”
The bench also said the government had other pressing matters to address like vaccination, issues connected with migrant workers etc.
The PIL sought a direction to the Centre to permit all the lending (financial) institutions to grant interest-free moratorium period for term loan and defer the payment of loan installments for a period of six months or until the situation from Covid-19 continued.
The plea said a bank or financial institution should not take action for auction in respect of any property of any citizen or person or party or anybody corporate for a period of six months. No account should be declared as Non-performing Asset (NPA) for a period of six months, keeping in view the surge in the pandemic.