“Economy is booming in the country after the second Covid wave”, said the Supreme Court on Friday as it refused to entertain a batch of pleas seeking contempt action against Governor of Reserve Bank of India and senior officials of other banks for declaring the loan accounts as Non-Performing Assets (NPA).
The top court said that contempt is between court and contemnor and it is not inclined to initiate contempt action against senior officials of banks.
“In our considered view, we are not inclined to exercise our contempt jurisdiction, since it is not in the interest of justice,” said a bench of Justices DY Chandrachud, Vikram Nath and Hima Kohli.The bench said that petitioners are at liberty to seek remedy under the e Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), 2002.