GOLI FINANCE LIMITED vs UNION OF INDIA & ANR.

IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 15th January, 2026 Uploaded on: 22nd January, 2026 W.P.(C) 7040/2020 & CM APPL. 24001/2020 GOLI FINANCE LIMITED .....Petitioner Through: Mr. Rohan Rai, Adv. versus UNION OF INDIA & ANR. .....Respondents Through: Mr. Ramesh Babu, Ms. Manisha Singh, Ms. Tanya Chowdhary, Ms. Nisha Sharma, Mr. Rohan Srivastava, Advs. for RBI (9971671294) CORAM: JUSTICE PRATHIBA M. SINGH JUSTICE MADHU JAIN Prathiba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. The challenge in the present writ petition is for setting aside the impugned order dated 11th May, 2020 passed by the Appellate Authority under Section 45-IA of the Reserve Bank of India Act, 1934 (hereinafter “RBI Act”). Vide the impugned order, the RBI’s order dated 5th February, 2019 cancelling the Petitioner’s Certificate of Registration as a Non-Banking Financial Company (hereinafter “NBFC”) was upheld. 3. The case of the Petitioner is that the RBI had issued a notification dated 20th April, 1999 by which the “Net Owned Fund” (hereinafter “NoF”) of an NBFC, which wanted to commence its business on or after 20 th April, 1999, was increased from Rs. 25 lakh to