Supreme Court LIVE Updates: Apex court disposes off petitions in which the petitioners are satisfied with compound interest waiver

Meanwhile, the case will be listed next week for hearing.

Supreme Court LIVE Updates: Apex court restores dismissed PIL challenging validity of Centre's farm laws

The Supreme Court Thursday restored a PIL, which was dismissed earlier, challenging the constitutional validity of Centre's newly enacted three farm laws on a ground that Parliament lacked power to make legislations on the subject as 'agriculture' is a state subject in the Constitution. A bench headed by Chief Justice S A Bobde, on October 12, had issued a notice to the Centre on a batch of petitions against the three contentious farm laws and had sought its reply in four weeks. However, it had dismissed the PIL filed by lawyer M L Sharma against these statutes by asking him to approach the High Court instead. "We will restore and keep your matter for admission after two weeks," the bench, also comprising Justices A S Bopanna and V Ramasubramanian, said when Sharma claimed on Thursday that he couldn't argue his case on the last date of hearing.

Senior Adv Rajiv Dutta: All this has happened only with the interference of this Court

SG: Let us not go into all of this

SC Bench: We are disposing off Mr Duttas plea

Dutta: first two affidavits of RBI needs to be dealt with

Justice Bhushan: We are disposing off your petition. You have already said twice that you want to

Senior Adv Huzefa Ahmadi: We had filed an IA in Mr Dutta plea. Please keep it open

SC to Ahmadi: Okay we will hear you.

SC to Adv Dutta: You will file no more written submissions. We are disposing off the plea. Everyone you want your case to end. Every time we are hearing you are interrupting us.

Abhishek Manu Singhvi for Power Gencos to SC -

To benefit from restructuring, the RBI circular requires compliance such as a forensic audit.

This is a logistical exercise, needs to be done away with.

Even under Moratorium banks taking other coercive measures such as the invocation of bank guarantees, need protection.

Abhishek Manu Singhvi for Power Gencos to SC -

Restrucuting should.br allowed at the discretion of the borrower, not the discretion of the banks.

Leaving the issue at only the discretion of the banks, defeats the purpose of the relief RBI seeks to provides.

Supreme Court LIVE Updates: Power Gencos counsel Abhishek Manu Singhvi briefs apex court on demands from the sector

Abhishek Manu Singhvi for Power Gencos to SC -

Not asking for fiscal reliefs, not asking for liquidity injections. 

Seeking specific reliefs wrt RBI circulars, only seeking minor tweaks to address certain arbitrariness.

Circulars are supposed to be inclusive, but inadvertent there are significant exclusions that hurt entities like us. 

Power Gencos are an abused lot, they have been recognized to have huge arrears due to unpaid dues for power supply to discoms.

Even in pre-pandemic times Parliamentary, Parliamentary panels have identified how discomfort are driving gencos into stress.

Post-Covid, Situation exacerbated stress grown manifold.

Futhermore:

Abhishek Manu Singhvi for Power Gencos to SC -

Exclusion is that people who lent to me are disallowed or disqualified from restructuring, as per RBI. 

RBI can't seek for Banks to restructure, but not allow others who have the capacity to restructure.

RBI should also allow restructuring for funds borrowed from LIC, Alternate Investment Funds, Foreign Portfolio Investors, Foreign private banks - this loophole needs to be plugged. 

RBI circular provides power to restructure only to Banks, Cooperatives, and NBFCs.

Supreme Court LIVE Updates: If apex court satisfied, it shouldn't intervene any further, says SG Mehta

Solicitor General Tushar Mehta to SC - These are fiscal affairs. The Centre has its own mechanisms to address the concerns raised by the petitioners. If the SC is satisfied, on action taken, on measures deployed, SC should not intervene any further.

Supreme Court LIVE Updates: Even credit card holders have got some amount into their accounts, SG Meta to court

SC Observes (In jest) - Interest on Interest Waiver Scheme is crediting money even to those who don't need it.

Supreme Court LIVE Updates: Banks have released Rs 5,270 crore to eligible borrowers so far; over 13 crore have benefited

Solicitor General Tushar Mehta to SC: Amount released by the banks into the accounts of eligible borrowers, so far, is Rs 5,270 crore. A total of 13.12 crore eligible borrowers have benefitted.

Supreme Court LIVE Updates: IBC process already suspended since March to stop companies from slipping into bankruptcy, says SG Mehta

Supreme Court LIVE Updates: Solicitor General Tushar Mehta citing measures such as IBC suspension, Aug 6 circular

SG: Resolution can't be invoked before Dec 31, 2020. Pre-COVID defaulters can't benefit from a fresh resolution framework. Resolution can't be invoked before Dec 31, 2020. Committee studied the commercial situation, spoke to stakeholders Committee assessed stress in various sectors. Disaster Management Authority has done whatever it could. NDMA has already done what it could under law.

Supreme Court LIVE Updates: SG Mehta briefs the court on measures taken by the Govt, RBI

SG Mehta: Complete elasticity given to banks, resolution plans, the payment plan can be rescheduled. Granting moratorium based on the income stream of the borrower. Moratorium period can be granted as soon as the resolution plan is approved

Supreme Court LIVE Updates: Hearing in the loan moratorium or interest waiver case begins

The hearing in the interest waiver or loan moratorium case is currently underway in the Supreme Court. Solicitor General Tushar Mehta is apprising the apex court with measures deployed by the Centre and the Reserve Bank of India. Mehta cites the Kamath Committee recommendations for large borrowers.

The main petitioner in the loan moratorium case Gajendra sharma withdrew from his petition on Nov 5 stating he is satisfied and grateful with payback.

Supreme Court LIVE Updates: Episodes of Sudarshan TV's 'Bindas Bol' breached programme code; I&B ministry to SC

The Centre told the Supreme Court on Wednesday that Sudarshan TV, through four episodes of its "Bindas Bol" programme on alleged infiltration of Muslims in the bureaucracy, has breached the programme code and it has cautioned the channel of "stricter penal action" in case of future violations. In an affidavit filed in the apex court, the Ministry of Information and Broadcasting has placed on record the November 4 order passed by it in the proceedings pertaining to the show-cause notice issued to the channel over the controversial programme. "After taking into consideration the written and oral submissions of the channel and the findings and recommendations of the IMC, the ministry is of the opinion that while freedom of speech and expression is a fundamental right, the tone and tenor of the episodes telecast do indicate that the channel has, through the various utterances and audio-visual content, breached the programme code. The ministry finds that they are not in good taste, offensive and has a likelihood of promoting communal attitude," the affidavit said.

Supreme Court LIVE Updates: Apex court adjourns interest waiver case to November 19

Supreme Court LIVE Updates: SC allows UP govt to fill up 69,000 posts for teachers as per results declared in May

The Supreme Court on Wednesday allowed the Uttar Pradesh government to fill up vacancies of 69,000 assistant basic teachers in the state as per results declared by it in May. A bench headed by Justice U U Lalit dismissed a batch of petitions including the one filed by the "Uttar Pradesh Prathmik Shiksha Mitra Association' challenging the Allahabad High Court's decision to uphold the cut off marks for selection of assistant basic teachers in the states. The top court said it will be open to the state to give another chance to Shiksha Mitra to compete for selection as assistant basic teachers in the states. The association had challenged the Uttar Pradesh government's order of January 7, 2019, by which the qualifying marks for the Assistant Teacher Recruitment Examination 2019 were fixed at 65 and 60 for general and reserved categories respectively.

Supreme Court LIVE Updates: CJI SA Bobde-led apex court bench to shortly hear a BSF Jawan’s plea challenging Prime Minister Narendra Modi's election from Varanasi in 2019

Supreme Court LIVE Updates: On NGT vacancies, Supreme Court asks Centre to expedite appointments pending before Cabinet

Supreme Court LIVE Updates: Apex court dismisses appeal filed by UP Shiksha Mitra Association

Supreme Court dismisses the appeal filed by UP Shiksha Mitra Association in connection with the case related to the recruitment of around 69,000 Assistant teachers in UP. The court granted one last chance to the Shiksha Mitras to compete in the respective examinations.

Supreme Court LIVE Updates: RBI urges SC to lift interim order banning declaration of NPAs

The RBI Thursday urged the Supreme Court to lift its interim order, which held that accounts not declared as non-performing assets till August 31 this year are not to be declared NPAs till further orders, saying it is facing difficulty due to the directive. In a relief to stressed borrowers who are facing hardships due to the impact of COVID-19 pandemic, the apex court had passed the interim order on September 3. The counsel appearing for the Reserve Bank of India (RBI) told this to a bench headed by Justice Ashok Bhushan which was hearing a batch of pleas relating to charging of interest on interest by banks on EMIs, which were not paid by the borrowers who availed of the loan moratorium scheme in view of the pandemic. We are facing difficulty due to order banning declaring of NPAs, senior advocate V Giri, appearing for RBI, told the bench while requesting it to lift the interim order.

Supreme Court LIVE Updates: Other cases in the apex court today

Apart from the loan moratorium case, here’s the list of other cases in the Supreme Court today

1. Judgment on 69,000 UP Shiksha Mitras case

2. Plea for release of Amitabh Bachchan starrer 'Jhund'

3. Plea on charging of interest on interest during loan moratorium

4. Tata v Mistry

5. Plea by Tej Bahadur challenging election of Narendra Modi from Varanasi

Supreme Court LIVE Updates: Interest waiver case up for hearing today

The Supreme Court will hear the interest waiver case on Wednesday, the hearing for which will begin at 10:30 am. Petitioners have moved to SC seeking relief. The relief sorts include an extension of the moratorium, include perhaps a nominal rate being charged by the banks or the NBFCs. So far the Supreme Court has not been inclined to grant any relief beyond interest on interest waiver. We now have to see whether the SC pays any heed to the concerns raised by the other petitioners, the builders, the power producers, the realtors or will the Supreme Court lay this matter to rest taking into account centre’s action with respect to waiver of interest on interest – that question awaits. The Reserve Bank of India (RBI) has notified the government's scheme of interest waiver during the moratorium period and has asked all lending institutions to take necessary action within the stipulated timeline.