Borrowers seek relief in the form of fresh loan moratorium and temporary cease on declaration of NPA by banks Recently, in order to relieve the financial stress faced by borrowers during the second wave of the pandemic, a plea has been filed before the Supreme Court seeking directions for a fresh loan moratorium, extension of period under the restructuring scheme, as well as temporary cease on the declaration of Non-Performing Assets by banks. It has been pleaded that the court direct that no bank shall take action for auction in respect of property owned by a citizen, person, party or body corporate for a period of six months. The same has been urged in contending that the Central Government, its ministries and the Reserve Bank of India have failed to provide any relief to sectors and individuals facing financial pressure, and whose sustenance has been compromised. Immediate action by the Supreme Court has been prayed for as the fundamental rights of livelihood and dignity have been violated by the Centre. Reddy & Reddy Law Firm has a forte in handling matters related to banking-finance. They have an experienced team of lawyers ready to assist in all your disputes.