Dismissed

Ranchi Finance Company Pvt. Ltd. through Its Authorized Signatory Namely Lokesh Kejriwal v. Reserve Bank of India through Its Regional Director

Jharkhand HC3 Jun 2020WPC/876/2019

Case brief

AI extract

What is this about?

The High Court of Jharkhand disposed of an interim application permitting withdrawal of a writ petition challenging an RBI order cancelling registration. The main petition was dismissed as withdrawn with liberty to challenge the appellate authority order.

What did the court decide?

Writ petition dismissed as withdrawn with liberty to challenge the appellate order dated 13.03.2020.

Ranchi Finance Company Pvt. Ltd. through Its… — Company and Corporate | Jharkhand HC (2020)

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IN THE HIGH COURT OF JHARKHAND AT RANCHI W.P.(C.) No. 876 of 2019

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Ranchi Finance Company Pvt. Ltd., through its Authorized Signatory, Ranchi … … Petitioner Versus

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Reserve Bank of India through its Regional Director, Department of Non-Banking Supervision, Patna

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The Deputy Director, Department of Non-Banking Supervision, Reserve Bank of India, Patna

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The General Manager, Department of Non-Banking Supervision, Reserve Bank of India, Patna

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The Deputy General Manager, Department of Non-Banking Supervision, Reserve Bank of India, Patna

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The Assistant Manager, Department of Non-Banking Supervision, Reserve Bank of India, Patna … … Respondents

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CORAM: HON'BLE MR. JUSTICE RAJESH SHANKAR

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----- For the Petitioner : Mr. Indrajit Sinha, Advocate Mr. Suraj Singh, Advocate For the Respondent-RBI : Mr. Pandey Neeraj Rai, Advocate -----

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06/03.06.2020 The present writ petition has been taken up today through Audio/Video conferencing.

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I.A. No. 3174 of 2020

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The present interlocutory application has been filed on behalf of the petitioner seeking leave of this Court to withdraw the instant writ petition with liberty to challenge the order dated 13.03.2020 passed in F.No.25/344/2019-BOA-II by the Government of India, Ministry of Finance, Department of Financial Services.

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The learned counsel for the petitioner submits that the petitioner has filed the present writ petition for quashing the order contained in letter dated 27.06.2018 (Annexure-10 to the writ petition) issued under the signature of the Regional Director, Reserve Bank of India, Patna, whereby the certificate of registration no. B.15.00046 dated 18.03.2002 issued to Ranchi Finance Company Private Limited (the petitioner herein) has been cancelled in terms of Section 45-IA(6) of the Reserve Bank of India Act, 1934. Further prayer has been made for issuance of direction upon the respondents to revoke the order of cancelling the original certificate of registration and grant the

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petitioner a reasonable time to comply the requirement as notified in the notification no. DNBR.007/CGM(CDS)/2015 dated 27.03.2015, whereby the Bank had specified Two Hundred Lacs Rupees as the net owned fund (NOF). It is further submitted by the learned counsel for the petitioner that during the pendency of the writ petition, the Appellate Authority has heard the appeal of the petitioner-company being Appeal No. F.No.25/344/2019-BOA-II and vide order dated 13.03.2020 passed by the Government of India, Ministry of Finance, Department of Financial Services (Appellate authority for NBFC Registration constituted under Section 45-IA(7) of the Reserve Bank of India Act, 1934), the case of the petitioner-company has been dismissed.

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Mr. Pandey Neeraj Rai, the learned counsel for the respondent-Reserve Bank of India has no objection to the prayer of the petitioner for withdrawal of the writ petition.

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Having heard the learned counsel for the petitioner and the respondent-Reserve Bank of India and for the reasons stated in the present interlocutory application, the petitioner is permitted to withdraw the present writ petition with liberty to challenge the order passed in F.No.25/344/2019-BOA-II dated 13.03.2020 by the Appellate Authority for NBFC Registration constituted under Section 45-IA(7) of the Reserve Bank of India Act, 1934 in accordance with law.

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I.A. No. 3174 of 2020 stands disposed of.

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W.P.(C.) No. 876 of 2019

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In view of the order passed in I.A. No. 3174 of 2020, the present writ petition is dismissed as withdrawn with aforesaid liberty.

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Manish

Ranchi Finance Company Pvt. Ltd. through Its Authorized Signatory Namely Lokesh Kejriwal v. Reserve Bank of India through Its Regional Director

Case brief

What is this about?

What did the court decide?

Ranchi Finance Company Pvt. Ltd. through Its Authorized Signatory Namely Lokesh Kejriwal v. Reserve Bank of India through Its Regional Director

Case brief

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What did the court decide?

What the court decided

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