Kerala High Court
Inditrade Fincorp Limited vs Reserve Bank Of India on 10 April, 2025
Author: C.S.Dias
Bench: C.S.Dias
WP(C) No.15427/2025 1/3
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE C.S.DIAS
Thursday, the 10th day of April 2025 / 20th Chaithra, 1947
WP(C) NO. 15427 OF 2025(C)
PETITIONER:
INDITRADE FINCORP LIMITED REGISTERED OFFICE AT: 2ND FLOOR, MES
BUILDING KALOOR, ERNAKULAM REPRESENTED BY ITS LEGAL MANAGER , PIN -
682017
RESPONDENTS:
1. RESERVE BANK OF INDIA DEPARTMENT OF SUPERVISION, 2ND FLOOR WORLD
TRADE CENTRE, CUFFE PARADE, BYCULLA, MUMBAI REPRESENTED BY ITS
EXECUTIVE DIRECTOR, PIN - 400005
2. THE EXECUTIVE DIRECTOR RESERVE BANK OF INDIA DEPARTMENT OF
SUPERVISION, 2ND FLOOR WORLD TRADE CENTRE, CUFFE PARADE, BYCULLA,
MUMBAI , PIN - 400005
3. THE GENERAL MANAGER RESERVE BANK OF INDIA DEPARTMENT OF SUPERVISION,
2ND FLOOR WORLD TRADE CENTRE, CUFFE PARADE, BYCULLA, MUMBAI , PIN -
400005
4. THE GENERAL MANAGER RESERVE BANK OF INDIA DEPARTMENT OF REGULATION,
CENTRAL OFFICE BUILDING, SHAHID/SINGH MARG, FORT MUMBAI , PIN -
400001
Writ petition (civil) praying inter alia that in the circumstances
stated in the affidavit filed along with the WP(C) the High Court be
pleased to stay the operation and all further proceedings pursuant to
Ext.P6 and P7, enabling the petitioner to continue business in terms of
Ext.P1(a), pending disposal of the Writ Petition (C).
This petition coming on for admission upon perusing the petition and
the affidavit filed in support of WP(C) and upon hearing the arguments of
M/s. M.U.VIJAYALAKSHMI, K.JAJU BABU (SR.), BRIJESH MOHAN, SACHIN RAMESH,
MANIKANTAN S.KANDATHIL, AISHWARYA SATHEESAN, POOJA K. and SREELAKSHMI
S.N., Advocates for the petitioner and of SRI. MILLU DANDAPANI, Advocate
for respondents, the court passed the following:
WP(C) No.15427/2025 2/3
C.S.DIAS,J
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W.P.(C) No.15427 of 2025
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Dated this the 10th day of April, 2025
ORDER
Admitted.
Sri.Millu Dandapani, takes notice for the respondents.
The respondents may file their counter affidavit if any.
On a consideration of the facts and the materials on record, particularly the law laid down by this Court in Ext.P8 order, that Ext.P2 show cause notice was issued on 21.09.2023, Ext.P3 reply was submitted on 18.10.2023 and Ext.P5 written submission was filed on 06.01.2024, but Ext.P6 order was only passed on 27.03.2025, I am satisfied that the petitioner has fulfilled the trinity parameters for an ad-interim order. Hence, I stay the operation of Exts.P6 and P7 for a period of two months.
Sd/- C.S.DIAS, JUDGE NAB 10-04-2025 /True Copy/ Assistant Registrar WP(C) No.15427/2025 3/3 APPENDIX OF WP(C) 15427/2025 Exhibit P1(a) TRUE COPY OF THE CERTIFICATE OF REGISTRATION NO.N-16.00181 ISSUED IN THE NAME OF THE PETITIONER ON 29.11.2021 Exhibit P2 TRUE COPY OF THE NOTICE CO.DOS.SED NO.S4779/13-05-101/2023-24 DATED 21.09.2023 ISSUED BY THE 3RD RESPONDENT TO THE PETITIONER Exhibit P3 TRUE COPY OF THE REPLY DATED 18.10.2023 SUBMITTED BY THE PETITIONER BEFORE THE 3RD RESPONDENT Exhibit P5 TRUE COPY OF THE WRITTEN SUBMISSION DATED 06.01.2024 SUBMITTED BY THE PETITIONER BEFORE THE CHIEF GENERAL MANAGER, RESERVE BANK OF INDIA.
Exhibit P6 TRUE COPY OF THE ORDER DATED 27.03.2025 PASSED BY THE 2ND RESPONDENT Exhibit P7 TRUE COPY OF THE COMMUNICATION CO.DOR.RG NO.S200/12-21-000/2025-26 DATED 07.04.2025 FORWARDED BY THE 4TH RESPONDENT TO THE PETITIONER Exhibit P8 TRUE COPY OF THE ORDER OF THE DIVISION BENCH DATED 15.07.2024 IN W.P.(C).NO.25392/2024 OF THIS HON'BLE COURT 10-04-2025 /True Copy/ Assistant Registrar