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RBI/2017-18/44
DNBR (PD) CC.No.088/03.10.001/2017-18
August
14, 2017
To
All NBFCs notified as ‘Financial
Institutions’ under sub clause (iv) of clause (m) of sub section (1) of
section 2 read with section 31A of the SARFAESI Act, 2002
Madam/ Sir,
Appointment of nominated counsel
in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order
dated 21.07.2017
In Writ Petition (C) No. 1088 of
2017 (M/s J.K Jewellers vs. Capri Global Capital Ltd), the Hon’ble High
Court of Delhi at New Delhi was pleased to pass the following order:
“5. The underlying purpose of
issuing directions to the RBI as mentioned in the order dated 08.02.2017 is
to ensure that when a party files a petition in this court for seeking
interim orders/ directions against any NBFC, the Court has adequate
assistance from the other side. It was with the said intention that RBI was
directed to issue a Circular calling upon all the NBFCs to appoint
nominated counsels in the High Court for them to receive advance copies of
petitions and be ready with necessary instructions.
6. …… it is deemed appropriate
to direct RBI to issue a Circular within two weeks, asking all NBFCs
empowered to invoke Section 14 of the SARFAESI Act to appoint nominated
counsels in the High Court and convey their names to the Registry within
four weeks from the date of receipt of the Circular so that henceforth,
advance copies of petitions can be served directly on the said counsels and
they are ready with instructions at the stage of admission itself.”
2. In pursuance of the above
directions of the Hon’ble High Court, all NBFCs notified as “Financial
Institutions” under sub clause (iv) of clause (m) of sub section (1) of
section 2 read with section 31A of the SARFAESI Act, 2002 are hereby
advised to take necessary action.
Yours faithfully
(C.D. Srinivasan)
Chief General Manager
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