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of <h1>Supreme Court Rules on NBFCs in Civil Suits: RBI's Directive Powers and Application of Waiver Principle Explained.</h1> In the case between a development bank and an investment company, the Supreme Court examined the legal position of Non-Banking Financial Companies (NBFCs) in civil suits, focusing on the powers of the Reserve Bank of India (RBI) under the RBI Act, 1934, and the Banking Regulation Act, 1949. The court clarified that the RBI can issue directives in the public interest without specifying a legal provision. The plaintiff's failure to challenge an RBI notification led to the application of the waiver principle, barring the suit under constructive res judicata. The court emphasized that NBFCs are subject to common law principles and procedural codes in civil litigation.
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