Reserve Bank of India v. Big Kancheepuram Co-operative Town Bank Ltd.
2022-10-14
D.Y.CHANDRACHUD, HIMA KOHLI
body2022
DigiLaw.ai
ORDER 1 The Reserve Bank of India has sought a transfer of the writ petitions pending before various High Courts challenging the validity of the Banking Regulation (Amendment) Act 2020 (Act No 39 of 2020) and its circular bearing No DOR.GOV.REC.25/12.10.000/2021-22 dated 25 June 2021. 2 Notice was issued on 25 April 2022. 3 During the course of the hearing, Mr Rakesh Dwivedi, senior counsel appearing on behalf of the petitioner, has submitted a chart on the status of the writ petitions pending before various High Courts. The chart, for convenience of reference, is marked as Annexure I to the present order. 4 As the chart indicates, petitions are pending before the High Courts of Andhra Pradesh, Chhattisgarh, Karnataka, Kerala, Madhya Pradesh, Madras, Punjab and Haryana and Uttarakhand and before the High Court of Judicature at Allahabad, High Court of Judicature for Rajasthan and High Court of Judicature at Bombay. 5 In some of the writ petitions before the High Courts, there is a challenge to the Amending Act; in some, a challenge to the validity of the circular, while, in others, a challenge to the Amending Act and the circular. 6 Having regard to the common questions which are involved in the writ petitions, it would be appropriate, in the interests of justice, to transfer all the writ petitions to one High Court for final disposal. 7 We accordingly order and direct that all the writ petitions which have been filed before the High Courts challenging the validity of the Banking Regulation (Amendment) Act 2020 (Act No 39 of 2020) and/or the circular dated 25 June 2021 shall stand transferred to the High Court of Madras. The petitions which are being presently transferred to the High Court of Madras have been set out in the chart which is attached to the present order. 8 We request the learned Chief Justice of the High Court of Madras to assign all the writ petitions to one Bench for expeditious disposal. 9 Since the petitions which are transferred have been instituted before diverse High Courts in the country, it would be appropriate if the Division Bench hearing the petitions permits such of the parties, who desire to appear through a virtual platform, to participate in the course of the hearing on that basis.
9 Since the petitions which are transferred have been instituted before diverse High Courts in the country, it would be appropriate if the Division Bench hearing the petitions permits such of the parties, who desire to appear through a virtual platform, to participate in the course of the hearing on that basis. 10 Any future petitions challenging the validity of the Amending Act and/or the circular noted above, upon being instituted, shall be transferred immediately by the concerned High Court to the High Court of Madras in view of the above order. 11 The transfer petitions are disposed of in the above terms. 12 Pending applications, including application for intervention, stand disposed of.