RBI's Failure to Exercise Statutory Powers Under Sections 45-IE and 45MA Leads to Mandamus Issuance

HC affirmed issuance of mandamus under Article 226 where RBI failed to exercise statutory powers regarding ECL's regulatory violations. Court established that vesting of statutory power upon public authority implies duty, enforceable through writ jurisdiction. Parallel NCLT proceedings did not bar HC's constitutional jurisdiction to direct RBI's exercise of powers under RBI Act, specifically Sections 45-IE and 45MA. HC maintained its authority to issue protective interim orders based on RBI's findings of ECL's regulatory breaches. Court emphasized that NCLT lacks jurisdiction to issue prerogative writs directing RBI's statutory functions. Appeal challenging writ maintainability dismissed, upholding HC's constitutional mandate to ensure statutory authorities fulfill prescribed duties. .....

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