New Delhi [India], October 7 (ANI): The Supreme Court on Thursday declined to entertain a plea filed by Subramanian Swamy seeking direction to frame guidelines to deal with the ever-increasing Non-Performing Assets (NPAs) in the banking sector.
A Bench of Justice DY Chandrachud, Justice Vikram Nath and Justice BV Nagarathna disposed of the plea of Swamy saying this was a policy matter falling in the domain of the Reserve Bank of India (RBI) and the government.
The Apex court allowed Swamy to make a representation to RBI which can take a considered stand on concerns.
"The relief sought are core issues of policy that can be only framed by the RBI. The matter may not be amenable to judicially manageable standards as the court may be treading into the domain of policy. Since the matter pertains to RBI, we leave it open to the petitioner to make representations to the RBI so that the extant guidelines can be duly modified taking into account the issues raised by the petitioner. We are not inclined to entertain the petition. The writ petition is disposed of," the Bench stated in its order.
Swamy has sought direction from the Court to constitute an expert committee for laying down guidelines to address the issue relating to the rising NPAs.
During the hearing, Swamy argued that this plea deals with a large number of cases and methods by which a large number of NPAs do not occur again.
At this, the Bench asked Swamy, "How do we frame guidelines so that non-performing assets do not occur? its for the legislature".
The Bench said that RBI and Finance Ministry has been issuing guidelines and policies are framed so that NPAs do not occur and there is no need for the Court to interfere in all of this. (ANI)