The Supreme Court on Wednesday refused to give directions to state-owned banks for recovering Rs 1 lakh crore in non-performing assets (NPAs) from defaulters, and hoped that the Centre would make SFIO an independent agency to deal with issue.
A Bench comprising Justice J M Panchal and Justice A K Patnaik asked the government to let the Serious Fraud Investigation Office (SFIO) tackle the issue and help reduce NPAs.
The apex court further said that there are enough laws to deal with NPAs in the country.
"Whether such laws are implemented efficiently and effectively is for the legislature and centre to decide and courts can not interfere into it," the bench said while disposing a 12-years old PIL.
The court said that a committee, headed by a Deputy Governor of the RBI, was already looking into the issue and it will make out certain plans.
The court's order came on a petition filed in 1998 by Common Cause, an NGO, seeking a directive to the government banks to recover their NPAs.
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