Petition to Initiate Contempt of Court Proceedings Against RBI Governor and Others

Petition to Initiate Contempt of Court Proceedings Against RBI Governor and Others

Petitions have been filed in Supreme Court seeking directions for contempt of court proceedings initiation and punishment for Reserve Bank of India (RBI) Governor, Shaktikanta Das  and others for the violation of Supreme Court order of September 3, 2020.

The order had been passed on the loan moratorium case where the court had stated that as of August 31, 2020 the accounts that have not been declared as Non-Performing Assets (NPA) cannot be declared so until further order.

The petitioners Gorakh Pandurang Nawade, Suryakant Prabhakar Pawar, Pritam Sengupta, and Shanti Jewellers filed their pleas through, Vishal Tiwari and Advocate-on-Record (AoR) Abhigya Kushwah in the Supreme Court in relation to the moratorium case.

The petitioners claim that RBI and others (respondents) declared their accounts as NPA thereby violating the stay order of the court dated September 3, 2020. Due to this, contempt of court proceedings should be initiated against RBI 

The petition also states that the ones responsible for contempt of court should compensate the petitioners for the damage caused due to flouting the stay order.

The petitioners also stated in their petition that they seek a direction in which a 90 day grace period is provided before the account of the petitioner is declared NPA.

The order of September 3, 2020 was for financial relief from Covid-19  and was operational on all lending  institutions.

The petitioners stated that the act of respondents has caused severe damage to them.

I am Kaveesha, a student of B.A LL.B (Hons.) from Dharmashastra National Law University, Jabalpur. Knowledge is like an endless ocean and I try to fill my cup with it as much as possible. I believe one should not only aspire to be a student of law but a student of justice as well.