SC seeks more clarity from Centre on debt recovery infrastructure
New Delhi [India], Jan. 3 (ANI): The Supreme Court on Tuesday sought more clarity from the Centre on debt recovery infrastructure in the nation.
An apex court three-judge bench headed by Chief Justice of India Tirath Singh Thakur passed the order after hearing the plea from noted senior lawyer Prashant Bhushan.
Bhushan, filed the plea, through the Center for public Internet Litigation (CPIL) and alleged that the Non Performing Assets (NPA) were increasing day by day and the debt recovery process has completely failed in its duty to recover those loan dues from various parties.
He stated that the amount of NPAs had exceeded over Rs. 1. 85 lakh crore.
He also pleaded to the court to direct the banks to ensure that how the lending would be done in a rational and transparent manner.
The apex court had earlier on December 14 last year reserved it's order on the issue.
It had indicated that it might ask Bengaluru's Indian Institutes of Management (IIM) and National Law School of India University (NLS) to study on deficient areas of loan recovery. (ANI)