Professional Documents
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PART 3
33. Senior Advocate Designation 34. State Enactments Like
Process : One Mark Each Should Kerala/Gujarat Money Lenders
Be Awarded For Each Year Of Act Have No Application To
Practice From 10-20 Years NBFCs Registered Under RBI Act
In relation to the criteria for senior The Court held that the state
advocate designation, the Supreme enactments such as Kerala Money
Court clarified that the High Courts Lenders Act, 1958 and Gujarat Money
should allocate one mark each for Lenders Act, 2011 will have no
each year of practice from 10 to 20 application to NonBanking Financial
years, instead of allocating 10 marks Companies (NBFC) regulated by the
flat for the counsel who has put in 10- Reserve Bank of India (RBI).
20 years practice.
A bench comprising Justices UU Lalit, The bench comprising Justices
S Ravindra Bhat and PS Narasimha Hemant Gupta and V.
issued this clarification allowing a Ramasubramanian observed that the
prayer in an application made by Chapter IIIB of the RBI Act is a
Senior Advocate Indira Jaising. complete code in itself and the power
of intervention available for the RBI
Case : Indira Jaising v. Supreme over NBFCs, is 'from the cradle to the
grave'.
Court of India | 2022