Aishwarya Rathore-
Published On: October 8, 2021 at 14:30 IST
The Supreme Court refused to entertain a Writ Petition filed by Rajya Sabha Member Subramanian Swamy seeking guidelines to combat the growing threat of Non-Performing Assets in the Banking Sector.
A Bench of Justices DY Chandrachud, Vikram Nath, and BV Nagarathna stated, “It was a domain of core policy and hence the Court could not frame guidelines in that regard.”
While declining to exercise jurisdiction under Article 32, the Bench observed, “Swamy will be at liberty to submit a representation before the Reserve Bank of India seeking modification in the existing guidelines to address the issue of rising NPAs and also the specific issue relating to grant of loans against shares.”
Dr. Swamy had urged the Court to constitute a committee to provide recommendations to combat the rise of NPAs.
To this, the Court replied, “How can we frame guidelines for the ever-rising NPAs? RBI has issued guidelines from time to time. It is not possible for the Court to tread into the domain of the Executive.”
Accordingly, the Apex Court disposed the Writ Petition.
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