CAPSAVE FINANCE LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) Mr. Vipul Ganda, learned counsel for the petitioner has, at the very outset, referred to a Notification dtd. 27/1/2025 issued by RBI whereby RBI has, in exercise of powers conferred under Sec. 45-IE(1) of Reserve Bank of India Act,1934, superseded the Board Of Directors of Aviom India Housing Finance Private Limited owing to governance concerns and defaults and has, simultaneously, appointed an Administrator under Sec. 45-IE(2) of Reserve Bank of India Act, 1934.

(2.) Mr. Ganda, learned counsel for the petitioner, supplements that as per the above said Notification, Reserve Bank intends to, shortly, initiate process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, and would also apply to the NCLT, New Delhi, for appointing the Administrator as the Insolvency Resolution Professional.

(3.) Learned counsel for the petitioner says that in view of the above said Notification, the prayer of the present writ petition, virtually, stands satisfied and, therefore, the writ petition may be accordingly disposed of. He, however, seeks liberty to file petition afresh, in case, need so arises in future.