SC to hear PIL seeking direction to Centre for measures to overcome financial stress faced by borrowers

The Supreme Court on Friday agreed to hear the Public Interest Litigation (PIL) seeking a direction to the Centre to take measures to overcome the financial stress faced by borrowers of the country during the second wave of COVID19 and lockdown on May 24.

A two-judge vacation bench of the Apex Court, headed by Justice Ashok Bhushan and also comprising Justice M R Shah will hear on May 24 the PIL filed by lawyer Vishal Tiwari.

The PIL sought 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 instalments for a period of six months or till the situation from COVID 19 normalizes.

Tiwari, in his PIL filed before the Apex Court, seeking a direction to the UOI to direct that any bank or financial institution shall not take action for auction in respect of any property of any citizen or person or party or any body corporate for a period of six months.

Tiwari also sought that the top court should direct the Centre that no account shall be declared as Non-performing Asset (NPA) for a period of six months, keeping in view the surge in the second wave in the Covid-19 pandemic.

Tiwari, in his PIL filed before the Apex Court, said during this surge in the second Covid-19 pandemic wave, it is required that government should take every possible measure to keep the lives of citizens comfortable.

"Their financial burden should be decreased and citizens should not lose their dignity. Financial policies are made by the government but in the present time above financial policies, the question is of survival. And the population of our nation should survive with dignity and without any stress," the petition filed by Tiwari said.

Since the time of the emergence of COVID-19 in India, the country has witnessed havoc in the form of a medical emergency, economic distress due to the subsequent lockdown to reduce the transmission rate of COVID-19 in India, Tiwari said in his petition.

At the present time, we are witnessing the second wave of COVID19, which has resulted in heavy human casualties. The second wave has pushed the entire country towards lockdown again.

"As corona has brought disaster, so the lockdown is also proving a disaster for the economy," Tiwari said, in his petition.

There is a big part of our population in our country which daily earns and eats. Their survival depends upon the daily earnings, like daily wages workers, labours, tea vendors, cart pullers, and even professionals like lawyers depend upon the daily earning. Lockdown has paused everything, Tiwari said, in his petition.

( With inputs from ANI )