The Centre on Saturday told the Supreme Court that defaulters had filed 65 petitions in various High Courts against creditors taking over their property following the passing of the Securitisation Law by the Parliament.
Solicitor General Kirit Raval said the government would like the apex court to transfer the petitions and deliver a common judgment.
The debtors have challenged the constitutional validity of certain provisions allowing creditors to take over their assets without delay caused by procedures.
The Bench headed by Justice V N Khare also heard the plea of Mardia Chemicals of Gujarat, which apprehended the sale of its Surendranagar plant because the debts had not been repaid.
Senior counsel Kapil Sibal submitted that the plant should not be closed down because in the case of a closure, its value would go down by 80 per cent.
He also said the Mardia brothers were willing to step out of the board and the management of the company. The Bench observed that it was in the interest of the creditors to keep the plant running.
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