https://www.taxtmi.com/caselaws?id=413593 Section 45-IE of the Reserve Bank of India Act, 1934 empowers RBI to supersede the board of a non-banking financial company where necessary in the public interest, to protect depositors or creditors, secure proper management, or maintain financial stability. On inspection findings under Section 45N showing financial deterioration, repayment defaults, regulatory non-compliance, governance deficiencies and evergreening concerns, the Bombay HC held that such supervisory action falls within expert regulatory judgment. The writ court will not interfere under Article 226 unless the action is shown to be without jurisdiction, arbitrary, or in breach of natural justice. The challenge to the supersession order therefore failed. en-us Thu, 07 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 09:04:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413593 Section 45-IE of the Reserve Bank of India Act, 1934 empowers RBI to supersede the board of a non-banking financial company where necessary in the public interest, to protect depositors or creditors, secure proper management, or maintain financial stability. On inspection findings under Section 45N showing financial deterioration, repayment defaults, regulatory non-compliance, governance deficiencies and evergreening concerns, the Bombay HC held that such supervisory action falls within expert regulatory judgment. The writ court will not interfere under Article 226 unless the action is shown to be without jurisdiction, arbitrary, or in breach of natural justice. The challenge to the supersession order therefore failed. Case-Laws Insolvency and Bankruptcy Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413593