2022 (8) TMI 1318

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.... the Respondent : Mr. Ramesh Babu M.R., Ms. Manisha Singh, Ms. Nisha Sharma and Ms. Sanya Panjwani, Advocates for R-2 & 3. ORDER 1. The Petitioner, a Non-Banking Financial Company ['NBFC'] has approached this court seeking directions against:- (a) the cancellation of the Petitioner's Certificate of Registration to carry on its business as a Non-Banking Financial Institution (NBFI) vide order da....

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....ervision, RBI, submitted the relevant Statutory Auditor Reports, Audited Financial Statements and the Statutory Auditor Certificate qua NOF for financial years 2015-16, 2016-17 and 2017-18. These communications confirmed the NOF of Rs. 445 lakhs for the Petitioner as on 31st March 2018, which is more than the requirement prescribed in the RBI notification. 3. Notwithstanding, RBI issued a show ca....

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....tended the time for compliance with the NOF requirement. The Division Bench allowed the appeal, holding that the order of the aforesaid Single Judge was without jurisdiction. However, at the same time, the petitioners were permitted to file statutory appeal under Section 45-IA(7) of the RBI Act. The Special Leave to Appeal preferred by Nahar Finance & Leasing Limited before the Supreme Court, agai....

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....states RBI shall re-examine the issue in case the matter is remanded back to them. 7. In view of afore-noted stand, Mr Makhija states that Petitioner is agreeable to RBI re-examining the issue raised in the present petition. 8. Accordingly, the Impugned Orders, i.e. the order dated 28th November 2018 passed by RBI, and order dated 29th June 2020 passed by the Appellate Authority, are set aside. ....