Jeewan Holdings Private Limited vs Union of India

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

DELHI HIGH COURT
JYOTI SINGH
Jeewan Holdings Private Limited – Appellant
Versus
Union of India – Respondent

Table of Content
1. cancellation of cor challenged (Para 1)
2. background on nof requirements for nbfcs (Para 2 , 6 , 7 , 8 , 18)
3. argue against cor cancellation, no hearing (Para 3)
4. time extension under section 45-ia (Para 4 , 5)
5. legal interpretation of cancellation provisions (Para 12 , 19)
6. provisions for cor cancellation analyzed (Para 21 , 22)
7. petition dismissed, no merit found (Para 30)

JUDGMENT

1. Reserve Bank of India (RBI) has cancelled the Certificate of Registration issued to Petitioner No.1 vide order dated 14.09.2018, which is impugned in the present petition along with the order passed by Respondent No. 1/Union of India dated 09.04.2020 affirming the said order in Appeal. Alternatively a direction is sought to Respondent No. 1 to consider the representation dated 10.05.2018 and condone the delay in meeting the threshold limit of Rs.200 Lakhs, a condition for grant of Certificate of Registration.

2. Facts as set out in the petition and necessary for adjudication of the issues involved can be captured as under:

a. Petitioner No. 1 (hereinafter after referred to as `Company') is a Company within the meaning of the Companies Act, 1956 and has been registered as a

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DELHI HIGH COURTJYOTI SINGHJeewan Holdings Private Limited – AppellantVersusUnion of India – Respondent

DELHI HIGH COURT
JYOTI SINGH
Jeewan Holdings Private Limited – Appellant
Versus
Union of India – Respondent