TaxTMI 
TaxTMI 
2021 (12) TMI 388
X X X X Extracts X X X X
X X X X Extracts X X X X
....e respondent in W.P.(MD) No.4812 of 2019 : Mr.C.Mohan for M/s.King and Partridge for respondent No.4 in W.P.No.28872 of 2018 : R2 - Not Ready in Notice in W.P.No.28872 of 2018 COMMON ORDER ORDER OF THE COURT WAS MADE BY THE HON'BLE CHIEF JUSTICE The petitions refer to a general malaise in the economy of the inability to recover the debts due to banks and financial institutions, particularly of the nationalised bodies. The petitioners refer to several provisions of the Companies Act, 2013 which arm the Central Government with adequate authority to investigate into the affairs of corporate entities and the personnel at the helm of such entities. The petitioners lament that most of the relevant provisions are never resorted to. 2. W.P.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ved by the shortcut use of a band-aid. 4. There are credible investigating agencies in the country, including the Serious Fraud Investigation Office. There are efficient and diligent personnel who man the policing and investigating agencies across the country, but probably do not enjoy adequate legroom to maneuver or be effective. Again, these are policy issues that the court can only point out but may not be equipped or authorised to address. 5. It is a pity that despite two decades of the courts going on like a broken record to separate the investigation wing of the police from the law and order, little measures have been taken in such regard. The law declared by the Supreme Court is the law of the land and it may need a nudge to remind....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ists, 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. 8. 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 un....