Disposed

Sedona Infrastructure Pvt. Ltd. and Anr. v. Reserve Bank of India and Ors.

Delhi HC15 Apr 2019W.P.(C)/3661/2019

Case brief

AI extract

What is this about?

Petitioner challenged the operation of its NBFC without RBI registration. Respondent committed to issuing a decision within four weeks. Upon this commitment, the court held that no further matter survived and disposed of the writ petition while preserving liberty to challenge the final order.

What did the court decide?

Exemption allowed subject to exceptions; liberty reserved to challenge orders prejudicial to petitioners.

Sedona Infrastructure Pvt. Ltd. and Anr. Vs Reserve Bank… — Banking and Recovery | Delhi HC (2019)

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$~40

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- W.P.(C) 3661/2019, CM Nos. 16805-16806/2019

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SEDONA INFRASTRUCTURE PVT. LTD. AND ANR.

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..... Petitioner

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Through: versus	Mr. Vijay Nair and Mr. Prashant Jain, Advs.
RESERVE BANK OF INDIA	AND ORS. ..... Respondents
Through:	Mr. Ramesh Babu, Ms. Manisha Singh and Ms. Swati Setia, Advs. for RBI
CORAM:	Mr. Dev P. Bhardwaj, CGSC for UOI with Mr. Jatin Teotia, Adv.
HON'BLE MR. JUSTICE V. O R D E R	KAMESWAR RAO
% 15.04.2019
CM Nos. 16805-16806/2019 (for exe	mption)

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Exemption allowed, subject to all just exceptions.

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Applications stand disposed of.

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W.P.(C) 3661/2019

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On the last date of hearing the matter was adjourned to enable the counsel for the respondents to take instructions. Mr. Vijay Nair, learned counsel appearing for the petitioners states that vide communication dated February 04, 2019, the respondent No.1 had sought the petitioners’ reply to the fact that the Company was functioning as NBFC without obtaining Certificate of Registration from RBI under Section 45 IA of the RBI Act which is a violation of provisions of Section 45-IA(L) of the RBI Act and

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attracts penalties under sub-section 4(A) of Section 58 B of RBI Act. A reply to the same has been given to the RBI, but no final order has been passed.

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Learned counsel appearing for the RBI has instructions to state that a decision on the reply to the communication dated February 04, 2019 shall be taken within four weeks and the same shall be communicated to the petitioners with the same period of time. He states that if any further information is required to be called from the petitioner, the respondent No.1 shall do so. The said statement is taken on record.

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In view of the statement made by the learned counsel for the respondent No.1, Mr. Vijay Nair, learned counsel for the petitioner states that nothing further survives in this writ petition. The same is disposed of.

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Liberty is with the petitioners to challenge any order passed to the prejudice of the petitioners, in accordance with law.

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V. KAMESWAR RAO, J

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APRIL 15, 2019 /aky

Sedona Infrastructure Pvt. Ltd. and Anr. v. Reserve Bank of India and Ors.

Case brief

What is this about?

What did the court decide?

Sedona Infrastructure Pvt. Ltd. and Anr. v. Reserve Bank of India and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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