RBI Must Reconsider NBFC Surrender Plea After Hearing: Calcutta HC

J. Thomas Finance Private Limited & Anr. Vs Reserve Bank of India & Ors (Calcutta High Court) The case before the Calcutta High Court concerned a writ petition challenging the rejection of an application for voluntary surrender of a Certificate of Registration (CoR) as a Non-Banking Financial Company (NBFC) by the Reserve Bank of India. The petitioner, an NBFC registered in 1998, decided in 2024 to discontinue its NBFC business due to lack of commercial viability and high compliance costs. Accordingly, its Board approved surrender of the CoR and an application was filed on 18 March 202...