New Delhi [India], December 28 (ANI): A petition has been filed before the Supreme Court seeking initiation of contempt of court proceedings and punish the concerned State Bank of India (SBI) officials, and others, for allegedly and willfully violating the Apex Court's directions of September 3, 2020.
The Top Court had passed the order on September 3 this year on loan moratorium case and said that accounts that have not been declared Non-Performing Assets (NPAs) as on August 31, 2020, cannot be declared as such until further notice.
The petitioner, Greenlands (A&M) Corporation, claimed that the respondent, SBI and others, allegedly declared the account of the petitioner as NPA and thus flouted the stay order of the Apex Court of September 3, 2020, and thereby it (SBI) and others committed contempt of court, and the SC should initiate the contempt of court proceedings against the RBI.
The respondent, SBI, also sent a legal notice for recovery of dues from the petitioner, and thereby it (SBI) had committed contempt of the order of the Apex Court, the lawyer appearing for the petitioner, Vishal Tiwari, and Advocate on Record (AOR) Abhigya Kushwah, claimed.
The petitioner also sought a direction from the Top Court that the contemnors should compensate for the damage caused to the petitioner by their "contemptuous act", the petition stated.
The petitioner also sought a direction from the SC that the respondents should grant a grace period of 90 days to the petitioner before declaring its account, NPA, the petition claimed.
The respondents, including the Reserve Bank of India (RBI), were duty-bound to promulgate the orders of this Apex court throughout the country but they deliberately didn't do it. The September 3 order, was operational on all lending institutions and banks throughout the country and was passed in the favour of all borrowers accounts to grant relief from financial stress during Covid-19, the petitioner claimed.
The contemptuous act of the respondents has not only disobeyed the court's order but has also caused "severe irreparable damage" and loss to the petitioner. The petitioner has lost its market value and credit. It cannot make supply, all supplies have been on hold after the account has been turned NPA, the petitioner claimed.
"The contemptuous act of the respondents has shaken the confidence of the public and has degraded the trust of the borrowers. In this pandemic, where all borrowers are passing through the worst scenario. That this stay order was operational throughout the nation and was in the Public Interest," the petition stated.
The stay order was operating as the life-saving drug to the petitioner but the contemptuous act of the respondent has brought a major setback to the firm and its survival has become critical, the petitioner claimed. (ANI)