1. We have heard learned counsel for the petitioner(s).

2. Learned counsel for the petitioner(s) submits that under the Disaster Management Act, 2005, the Central Government has ample power and jurisdiction to grant relief with regard to loan which is specifically provided for. It is submitted that the circular of the Reserve Bank of India dated 27.03.2020 although grant moratorium but substantially no relief is given to the borrowers. The two-fold submissions have been made by learned counsel for the petitioner(s). It is submitted that if moratorium is being granted for a period of three months, the entire amount payable including principal and interest should not be charged during moratorium period. Secondly, at least the demand of interest on interest should not be made and these reliefs can be extended by the Central Government and the Reserve Bank of India.

3. Shr Tushar Mehta, learned Solicitor General, submits that a meeting was convened with the Finance Ministry and the Reserve Bank of India. However, he submits that some more time be allowed to have a re-look of the matter as to whether the Central Government can intervene for giving any kind of relief with regard to loan.

4. Shri Harish Salve, learned senior counsel appearing for the Indian Banking Association submits that the banks have their own sector scheme under which benefits can be given under different sectors under different mechanism or the banks have to create new schemes, which issue can be separately taken with regard to individual industries. He submits that the matter may be adjourned so that all appropriate details of the scheme etc., be brought on the record.

5. In above view of the matter, we are of the view that the matter should be adjourned. Let the matters be again listed in the first week of August, 2020, by which date the affidavits alongwith relevant documents be brought on the record.

Writ Petition Diary No(s).12389/2020

6. Tag with Writ Petition (C) Diary No(s).11127/2020.