The top judicial organization of India, Supreme Court (SC) has prevented itself from offering any type of guidelines to public sector banks on recovery steps to be undertaken for non performing assets (NPAs) amounting to Rs 1 lakh crore from defaulters.
A bench comprising of Justice J M Panchal and Justice A K Patnaik has sent the topic to be dealt with by the Serious Fraud Investigation Office (SFIO).
The bench stated, “We hope that the centre make SFIO an independent agency to deal with NPAs and reduce it.”
It added “Whether such laws are implemented efficiently and effectively is for the legislature and centre to decide and courts can not interfere into it”.
The court also stated that the committee headed by Deputy Governor of RBI is already investigating the topic and will definitely offer positive remedial steps for the same.
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