The Supreme Court transferred the petitions challenging the validity of the Banking Regulation (Amendment) Act 2020 and its circular to Madras High Court.
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 and its circular of 25 June 2021.
Senior Advocate Rakesh Dwivedi, appearing for the petitioner, submitted a chart on the status of the writ petitions pending before various High Courts.
The division bench of Justice Dhananjaya Y Chandrachud and Justice Hima Kohli noted that 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.
The bench ordered and directed that all the writ petitions which have been filed before the High Courts challenging the validity of the Banking Regulation (Amendment) Act 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 order.
The court requested the Chief Justice of the High Court of Madras to assign all the writ petitions to one Bench for expeditious disposal.
It was stated that 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.
The bench further ordered that any future petitions challenging the validity of the Amending Act and/or the circular upon being instituted, shall be transferred immediately by the concerned High Court to the High Court of Madras in view of the order.
Case title: Reserve Bank of India v/s Big Kancheepuram Cooperative Town Bank Ltd & Anr etc
Citation: Transfer Petition (Civil) Nos 659-678 of 2022