Supreme Court of India

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

Neutral citation

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.

1 Supreme Court bench has cited this judgment.

What the Court ordered

In view of the above, we are of the considered opinion that 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) – Gujarat Money Lenders Act, 2011 (Gujarat Act) – Applicability of States’ Act on Non-Banking Financial Companies – Whether Non-Banking Financial Companies (NBFCs) regulated by the Reserve 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 Chapter III- , after which this Chapter has become a complete Code in so far as NBFCs are concerned – The…

Authorities it was built on

2017 M/s. Innoventive Industrles Ltd. v. Icici Bank & Anr. cited by 45
2010 State of West Bengal & Ors. v. The Committee for Protection of Democratic Rights, West Bengal & Ors cited by 38
1954 Zaverbhai Amaidas v. The State of Bombay cited by 35
2020 Internet and Mobile Association of India v. Reserve Bank of India cited by 11
2016 Uco Bank and Anr. v. Dipak Debbarma & Ors. cited by 5
1983 Kailash Sonkar v. Smt. Maya Devi cited by 5
2013 M/s. Integrated Finance Co. Ltd. v. Reserve Bank of India Etc. Etc. cited by 1

Where later benches applied it

2025 Sri Lakshmi Hotel Pvt. Limited v. Sriram City Union Finance Ltd. mentioned

Of those, 1 mentioned

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