India, March 19 -- The Supreme Court on Monday overturned a directive that the Central Bureau of Investigation (CBI) should look into why seven banks gave Simbhaoli Sugars, an Uttar Pradesh-based company, several loans even though they knew the company had a history of defaults.
The banks let off the hook by a bench headed by Chief Justice of India Dhananjaya Y Chandrachud included the State Bank of India, Punjab National Bank, Bank of India, UCO Bank and ICICI Bank.
The bench, which also comprised justices JB Pardiwala and Manoj Misra, observed that the Allahabad high court exceeded its jurisdiction in ordering a federal probe when the issue before it was completely different.
Simbhaoli Sugars had approached the high court last year wit...