Plea In SC Seeks Relief To Loan Borrowers Hit By Lockdowns

Background Facts

A PIL has been filed by lawyer Vishal Tiwari before the Apex Court. It is pleaded that UOI must permit all the financial institutions to allow an interest-free moratorium period for term loan and postpone the payment of loan installments either for six months or till the COVID-19 normalizes.

What is sought by Petitioner

The plea seeks directions by SC to the Union of India to remedial and effective measures to address financial strain and other hardships being confronted by the loan borrowers of this country due to covid persuaded by lockdowns.

Further, he also pleads that no account shall be acknowledged as Non-Performing Asset (NPA) for six months. Government must take every probable measure to keep the living of the citizens relaxed and easy. The financial burden of each citizen must be decreased so that they shall not lose dignity. Financial policies are made by the government but still at present the question of survival is of utmost importance. The country has witnessed numerous disasters in the form of medical emergencies and economic distress due to the subsequent lockdowns. In India big part of the population earns daily to eat their next meal. Their survival depends upon the daily earning. Daily wage workers, laborers, tea vendors, cart pullers, and even professionals like lawyers depend on the daily earning and these lockdowns have paused everything.

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