SC: Plea to Extend Moratorium
SC: Plea to Extend Moratorium
A petition filed by Advocate Vishal Tiwari is plea seeking that all banks extend the moratorium period till 31st December 2020, the plea highlights the financial difficulties faced by lawyers, those engaged in the service sector and the travel and tourism sector.
The plea seeks extend the moratorium of the people under these sectors and defer their EMI payments on loans.
The plea which will be heard in the court next week seeks directions to Union government to ensure that financial institutions should not resort to any illegal, violent or threatening ways to against borrowers to recover money.
COVID-19 has brought along with it financial and health crisis causing many to lose their jobs creating a financial strain.
The plea also states that the Reserve Bank of India (RBI) had granted relief in March by suspending monthly loan installment period for three months and further extended it for another three months till 31st August 2020.
Speaking of lawyers in the plea, the petitioner states that because of the courts being shut and hearings being conducted virtually, working hours in the court has become less because of which lawyers are finding difficult to earn., especially for lawyers practicing in lower courts.
In the plea the petitioner also stated that no financial aid has been provided to lawyers and other service sector employees during this time of the pandemic, so that they could recover from the pandemic.
Speaking of the travel, tourism and hospitality industry, the plea states that, work in all these sectors have come to an halt because of which employees are being fired or lay offed, even salaries are being reduced to 40-50 percent.
SC: Plea to Extend Moratorium
