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Supreme Court refuses to hear on waiving EMI of bank loan, said- it is the government’s job to take such a decision


New Delhi: The Supreme Court has refused to hear the demand for giving people the facility of non-payment of loan EMI for the time being. It was said in the petition that many people are facing financial crisis due to corona and lockdown. In such a situation, the central government should announce a loan moratorium of 6 months. The court refused to hear, saying that it is the job of the government to decide on the financial policy. If the petitioner wishes, he can submit a memorandum to the government.

In the petition of lawyer Vishal Tiwari, it was said that this year people are facing financial problems due to Corona. Last year, the government had announced the loan moratorium, but this year it did not do so. The central government should announce a 6-month loan moratorium. Under this, banks and financial institutions should be asked to give the option of not paying the loan installment to the people. Also, no interest should be charged on deferred EMIs during this period.

A bench of Justices Ashok Bhushan and MR Shah said that last year the government had announced the policy. After this some petitioners came to the Supreme Court for its extension. Then the court had seen some aspects of the case. It is the right of the government to make policy on financial matters. The court will not give any direct order on this.

The court further said, “We are not experts in financial matters. The government has to spend on vaccination. There are many sections, including migrant laborers, on which to spend. It is better that the government should be allowed to decide on this issue.”

After this, the petitioner said that if the court does not want to pass any order on the moratorium, then at least it should say that banks should not auction any property for non-payment of loan. The judges refused even this. He said that the facts of every case are different. No such order can be given that the bank should not take any action against any person who does not repay the loan. The petitioner sought clarification from the court whether he could submit his demand by submitting a memorandum to the government. The court said that the petitioner can do so if he wants.

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