Thiruvananthapuram: Senior advocate Kapil Sibal, who represented Kerala in the Supreme Court, will be paid Rs 75 lakh as fee by the state government in the Borrowing Limit case. Due to Kerala’s financial extravagance, the Centre had imposed restrictions on borrowing. The state approached the Supreme Court to challenge this decision and senior advocate Kapil Sibal represented Kerala in the SC.
Kerala is heading towards a serious financial crisis after failed debt negotiations with the Centre. Advocate Kapil Sibal and Standing Counsel CK Shashi informed the Supreme Court that the state’s financial crisis will not be resolved with Rs 13,608 crore alone.
At the same time, the Centre has allowed Kerala to take Rs 8,700 crore out of the Rs 13,608 crore loan it is entitled to. The loan was approved yesterday. Borrowing is facilitated through Reserve Bank debentures, with auctions held every Tuesday.
