HC imposes Rs 10,000 cost on petitioner

The petitioner, Sundaravel from Tirunelveli, moved the court, seeking transparency of bad debts. The petitioner stated that huge amounts of loan were provided to big industrialists and multinational companies through various state and Central schemes. But, many such loan-takers failed to repay and the governments had high bad debt ratio. Resultantly, the bad debt provisions mounted to Rs 3 lakh crore until 2005 and reports were published on daily newspapers.

The bad debt has even more risen to Rs 16 lakh crore as of now. But, the government authorities and bankers seldom bothered to collect such dues and take necessary action for delays in repaying loans. However, bankers had been taking stringent measures in recovering the loans obtained for the purpose of education.

So far, Rs 55,000 crore of educational loan is yet to be paid back. But, the bankers showed no mercy and acted firm in recovering such bad debts from common people.

Citing these, the petitioner sought the intervention of the court to direct the state and Central governments to write off educational loans. Further, the petitioner sought the bench to release a list of loan defaulters and it should also be published in all print and electronic media.

After hearing, a division bench of Justice M Duraiswamy and Justice T Ravindran questioned the basis of the petitioner’s appeal and dismissed the plea. Further, the petitioner was fined of Rs 10,000 and the bench directed the petitioner to remit the penalty into Chief Justice Relief Fund within a period ofone week.