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2021 (12) TMI 388 - HC - Companies LawInability to recover the debts due to banks and financial institutions, particularly of the nationalised bodies - Sections 337 to 341 or Section 212(1)(c) of the Companies Act, 2013 - HELD THAT:- The concern expressed by the petitioners here pertains to the vanishing money from the Indian economy and the next to nothing that is realised in course of insolvency proceedings or even bank claims in respect of non-performing assets. While the courts were blamed in the several reports that emanated in the late 1980s and early 1990s to park bank claims with a specialised body, first with an Ordinance and then with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 being enacted, the realisation of the debts due did not pick up and in less than a decade there were further committee reports before the NPA Act – the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – came in force. The petitioners seek a rather tall order on somewhat vague and over-generalised principles and submission. If the law exists, the court need not reinvent the wheel and ask the Union to act in accordance therewith, when the Union is already obliged to act in such manner. An omnibus order to reform the system cannot be sought at this level and given the current trend of the diminution of authority of the High Courts, it may not even be taken seriously - the petitioners and larger public interest may be better served if the petitioners focussed on any particular entity and presented cogent grounds to the Central Government to excite the Central Government to exercise its statutory authority in such regard, whether under Sections 337 to 341 or Section 212(1)(c) of the Companies Act, 2013. It may even be possible for the petitioners to seek an investigation under Section 213 of the Act of 2013. Petition disposed off.
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