Plea in Supreme Court seeks fresh stimulus for MSMEs

A company on Thursday moved the Supreme Court, seeking fresh stimulus for the micro, small and medium enterprises (MSMEs) and a plea to direct the RBI to issue guidelines to provide interim relief because of the sudden outbreak of a second wave of Covid-19 and the subsequent lockdown.

The plea has been filed by Maharashtra-based Amaltas Apparel and Accessories Pvt Ltd through advocate Abhigya but is yet to be placed before the apex court or to be admitted by it.

According to the petitioner, the earlier circular issued by the RBI last year to extend the moratorium on all loans till August 31, 2020 came as a huge relief to such entities as it otherwise would have become a huge financial burden for the borrowers.