$~15 to 21, 29 and 30 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 12th March, 2026 + MISC. APPEAL (FEMA) 25/2025 CITIBANK N.A. .....Appellant Through: Mr. Rajeev K. Virmani, Sr.

Adv, Ms. Rashmi Virmani, Mr. Krishan Tewary, Ms. Shriya Gambhir, Ms. Diva Saigal, Advs. versus SPECIAL DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

16 + MISC. APPEAL (FEMA) 26/2025 HONGKONG AND SHANGHAI BANKING CORPORATION LTD. .....Appellant Through: Mr. Ateev Mathur, Mr. Amol Sharma, Mr. Sanjay Gupta Mr. Anmol Mehta & Ms. Tanya Baijla, Advs.

versus ENFORCEMENT DIRECTORATE .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

17 + MISC. APPEAL (FEMA) 27/2025 CITIBANK, N.A. .....Appellant Through: Mr. Rajeev K. Virmani, Sr.

Adv., Ms. Rashmi Virmani, Mr. Krishan Tewary, Ms.

Shriya Gambhir, Ms. Diva Saigal, Advs.

versus SPECIAL DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

18 + MISC. APPEAL (FEMA) 28/2025 & CRL.M.A. 10747/2009 THE BANK OF TOKYO MITSUBISHI, UFJ LTD.

.....Appellant Through: Mr. Varun Chandiok, Mr.

Yashwant Sanenbam, Advs.

versus DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

19 + MISC. APPEAL (FEMA) 29/2025 & CRL.M.A. 10749/2009 THE BANK OF TOKYO MITSUBISHI, UFJ LTD.

.....Appellant Through: Mr. Varun Chandiok, Mr.

Yashwant Sanenbam, Advs.

versus DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

20 + MISC. APPEAL (FEMA) 30/2025 CITIBANK .N.A .....Appellant Through: Mr. Rajeev K. Virmani, Sr.

Adv., Ms. Rashmi Virmani, Mr. Krishan Tewary, Ms. Shriya Gambhir, Ms. Diva Saigal, Advs.

versus ASSISTANT DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE

21 + MISC. APPEAL (FEMA) 31/2025 CITI BANK N.A. .....Appellant Through: Mr. Rajeev K. Virmani, Sr.

Adv., Ms. Rashmi Virmani, Mr. Krishan Tewary, Ms. Shriya Gambhir, Ms. Diva Saigal, Advs.

versus SPECIAL DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

29 + MISC. APPEAL (FEMA) 7/2026 STATE BANK OF INDIA NRI BRANCH .....Appellant Through: Mr. AP Singh, Mr. Varnit Vashistha, Advs.

versus SPECIAL DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

30 + MISC. APPEAL (FEMA) 8/2026 STATE BANK OF INDIA, MAIN BRANCH ..... Appellant Through: Mr. AP Singh, Mr. Varnit Vashistha, Advs.

versus SPECIAL DIRECTOR OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel, Mr Kanishk Maurya Adv. for DoE.

CORAM:

HON'BLE MR. JUSTICE NAVIN CHAWLA HON'BLE MR. JUSTICE RAVINDER DUDEJA NAVIN CHAWLA, J. (ORAL)

1. These appeals have been filed under Section 35 of the Foreign Exchange Management Act, 1999, challenging the orders passed by the learned Appellate Tribunal for Foreign Exchange, New Delhi in the appeals reference of which is being given in the form of chart herein under.

2. As all the appeals raise same question of law on the maintainability of the proceedings, they are being disposed of by this common judgment.

3. The learned Senior Counsel appearing for the appellants in MISC. APPEAL (FEMA) 25/2025, MISC. APPEAL (FEMA) 27/2025, MISC. APPEAL (FEMA) 30/2025, MISC. APPEAL (FEMA) 31/2025 and the learned counsels appearing for the appellants in the other appeals, jointly submit that the common issue of law that arises for consideration in the present appeals is whether the Show Cause Notice(s) issued to the appellants for the alleged contravention of various provisions of The Foreign Exchange Regulation Act, 1973( FERA Act, 1973 ), as well as of Para 13B.22 of Chapter 13 of the Exchange Control Manual, 1993 in some of the appeals, are liable to be quashed on the ground of delay alone. In support of their plea, they have place