The government argued that investigation has begun in the case.

The Centre on Wednesday opposed a PIL seeking investigation to be launched against the “top management” of the Punjab National Bank (PNB) and to deport diamond merchant Nirav Modi, who is at the centre of an alleged ₹11,000 crore banking loan fraud, in two months.

“I appear for the government. We are opposing the petition. This is a case in which the FIRs have been registered and investigation has started,” Attorney-General K.K. Venugopal addressed a Bench led by Chief Justice of India Dipak Misra.

Chief Justice Misra said the court would want to know in detail as to why the government was opposing this PIL. “But we will not be saying anything for now,” the CJI reacted to the government’s submission.

But PIL petitioner and advocate Vineet Dhanda said the issue was of utmost urgency as a “few influential and connected businessmen have decamped with thousands of crores of public money from right under the nose of the government.”

“But the government still opposes this petition in a country where the small man is hounded for a small loan default,” Mr. Dhanda submitted.

He said the court should issue notice now and direct the government to record their objections in an affidavit.

“He (Mr. Venugopal) is here and he has said that he is opposing. What is the need for issuing notice now? All this big speech will make no impact on us. We are here to hear issues on law alone. It has become a fashion to see something in the newspapers and come to the Supreme Court,” Chief Justice Misra told Mr. Dhanda.

But Mr. Dhanda said the “whole interest of the country is at stake” and pushed for hearing this afternoon. “Are you saying that I am here for the publicity?“ Mr. Dhanda asked the Bench.

Justive D.Y. Chandrachud intervened, saying “do not ask questions to the Chief Justice... now it establishes that this is a publicity oriented litigation.”

“Your Lordship is insulting me... I have practised law for 16 years and I do not need publicity. I am here because of this issue... then let me withdraw my petition and let the SC suo motu take this issue up,” Mr. Dhanda responded.

But Justice Chandrachud observed that petitions are filed to play to the gallery. The court cannot pre-empt the government’s probe. “We must allow the government to conduct the investigation. In case the government is not doing anything, then we will intervene and not like this,” Justice Chandrachud remarked.

Chief Justice Misra observed that the court wants to hear the government’s objection to the PIL and posted the case for hearing on March 16.

In his petition, Mr. Dhanda had argued that the “common factor” found among those like Lalit Modi, Vijay Mallya and Nirav Modi was that they all had seemed “very close to the power corridor.”

The petitioner said letters of undertaking were “magnanimously issued” by the Punjab National Bank.

The petitioner called for guidelines to be framed by the Finance Ministry for loans worth over ₹10 crore. In case of default, their passports should be immediately impounded and recovery be made from the assets of a “high-loan” borrower. His attached properties should be sold via public auction. The “rogue” bank officials concerned, whether serving or retired, should also be made liable. Their properties should be attached and criminal cases lodged against them.

Mr. Dhanda also asked for a list of borrowers whose bank loans are worth over ₹500 crore.