Compound interest waiver: SC questions Centre's affidavit

The Supreme Court on Monday adjourned its hearing on the issue of waiving compound interest on repayment of loans up to Rs 2 crore. The apex court said several issues are not addressed in the Centre's plan on waiving compound interest on loan repayments. SC has given one week to all stakeholders to reply to Centre's affidavit. The case has now been listed for next hearing on October 13.

Apex body of private real estate developers, CREDAI’s counsel Kapil Sibal sought a few days to reply to the government's affidavit explaining its stance, adding that a lot of government’s facts and figure are without any basis.

On Friday, the Center told the top court that it would waive the compound interest component to help borrowers. A group of petitioners had sought a waiver of interest on deferred EMIs, or interest on interest during the six-month moratorium period.