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TMI Blog2022 (12) TMI 766X X X X Extracts X X X X X X X X Extracts X X X X ..... vek Goyal , CGSPC with Mr. Gokul Sharma , Advocate for R - 1. Mr. Ramesh Babu MR , Ms. Manisha Singh , Ms. Nisha Sharma and Ms. Tanya Chowdhary , Advocates for RBI ORDER 1. Petitioner, a Non-Banking Financial Company, has approached this Court seeking directions against: (a) the cancellation of its Certificate of Registration ["CoR"] to carry on its business as a Non-Banking Financial Instituti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... khs. Thereafter, Petitioner had made certain investments and advanced loans to certain group companies - the quantum of which had to be deducted in the calculation of the NOF and thus, for a brief period, its NOF was in the negative. Immediately on the repayment of the said loan, the NOF of Petitioner was Rs. 1165 lakhs i.e., more than the requirement prescribed in the afore-said Notification. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned decision of the Appellate Authority and remanded the matter back for fresh reconsideration, holding as under: - "In the aforesaid circumstance, in our view, the learned Appellate Authority should have considered the submissions of the petitioner with due application of mind whether the stand of the petitioner's original Auditor - on the basis of which the petitioner believed that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emand the matter back to the Appellate Authority to reconsider the matter in the light of our observations hereinabove. The parties will appear before the Appellate Authority on 22.02.2021 for fixing a date for hearing." 5. Mr. Ramesh Babu M.R., counsel for RBI, does not dispute that the facts in the instant case are similar to the one which this Court has recently had an occasion to consider in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Court. 8. Considering the fact that the matter will be considered afresh, Petitioner is permitted to file additional representation along with document(s), if any, within a period of four weeks from today, and a decision thereon will be taken within a period of eight weeks thereafter. 9. The Court has not expressed any opinion on the merits of the case. All rights and contentions of the partie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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