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Supreme Court of India

Nedumpilli Finance Company Limited v. State of Kerala & Ors.

Neutral citation
Reported as [2022] 7 S.C.R. 1005
Bench Hemant Gupta and V. Ramasubramanian JJ.
Decided 10 May 2022

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

What the Court ordered

In view of the above, we are of the considered opinion tha t the Kerala Act and the Gujarat Act will have no application to NBFCs registered under the RBI Act and regulated by RBI. Therefore , all the appeals filed by NBFCs against the judgment of the Kerala High Court are allowed.

Judgment, page 42

From the headnote

Reserve Bank of India Act, 1934 (RBI Act) – Chapter III- – Kerala Money Lenders Act,1958 (Kerala Act) – Gujara t Money Lenders Act, 2011 (Gujarat Act) – Applicability of States’ Act on Non-Banking Financial Companies – Whether Non-Banki ng Financial Companies (NBFCs) regulated by the Reserv e Bank of India, in terms of the provisions of Chapter III- of the RBI Act could also be regulated by State enactments such as Kerala Act and Gujarat Act – Held : By Act 23 of 1997, amendment made to Chap ter III- , after which this Chapter has become a complete Code in so far as NBFCs are concerned – The

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