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SC refuses Swamy’s suggestion seeking guidelines to control increasing NPAs and grant of loans against shares, says it is a policy matter

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New Delhi, Oct 7 (ILNS) The Supreme Court today refused to entertain a plea filed by BJP Vice President Subramanian Swamy for issues pertaining to the framing of guidelines to control the increase of Non-Performing Assets (NPA) and grant of loans against shares.

A bench of Justice D.Y. Chandrachud, Justice Vikram Nath and Justice B.V. Nagarathna observed, “In a matter of this nature, the relief which has been sought is core issues of policy which pertain to the expert body such as the RBI… leave it open to the petitioner to submit a representation or the plea itself as a representation to RBI so that a view can be taken so that any guidelines be duly modified to address the grievances.”

The Rajya Sabha MP appeared before the bench as petitioner-in-person and submitted that; as recorded by the court earlier as well, the plea deals with large cases and methods so that a large number of NPAs does not occur again. 

He further submitted that the petition deals with the guidelines similar to what the apex court observed in an earlier matter regarding the need to consider the large-sized NPAs.

Swamy said he prayed to set up a committee that has handled many other cases could present a report to the Supreme Court, which would be beneficial for everybody. 

“I myself will tell them these are the NPA,” stated Swamy. The bench pointed out that framing guidelines with respect to NPAs are a task adhered to by the legislature.

Justice Nath pointed out that RBI, Finance Ministry have been issuing guidelines and policies are framed to ensure all these nationalized, semi-privatized banks follow up these non-performing assets, loans and everything so that NPAs do not occur. There is no need for us to interfere in all of this, he said.

Swamy submitted, “The people are suffering as they are not getting their small savings which they have put in the bank. Monetary policy has a large bearing effect. The question of the public having no representation is important here…. there have been efforts in the last 10 years and the Supreme Court has held that this doesn’t bar the court from pursuing this matter… The court has not taken a hard-line position in such matters like we have nothing to do with this.”

The bench then observed, “It is a matter of policy the most what we could do is that you have drawn this to our attention. Ultimately, we can say that we’ll look at the material that you’ll like to produce and make an appropriate decision at the policy level but it has nothing to do with the constitution of committees.”

The petition was moved to constitute an expert committee so that necessary inputs can be made available on the basis of which guidelines can be framed to control the increase of NPA as well as the specific issue pertaining to the grant of loans against shares./ILNS/KR/SNG/

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