$~66 * IN THE HIGH COURT OF DELHI AT NEW DELHI # CNR No. DLHC010443592026 + W.P.(C) 13689/2026, CM APPL. 63878/2026, CM APPL. 63879/2026 SAURABH GARG & ORS. .....Petitioners Through: Mr. Shukla, Adv. versus RESERVE BANK OF INDIA & ORS. .....Respondents Through: Mr. Abhinav sharma, Mr. Dipan Sethi, Mr. Snehashish Bhattacharya Advs. for RBI. Mr. Jivesh Kumar Tiwari (CGSC), Mr. Sarthak Rana (GP), Ms. Nandini Aggarwal, Adv. for R-2/UOI. CORAM: HON'BLE MR. JUSTICE JASMEET SINGH O R D E R % 17.09.2026 1. This is a writ petition filed under Article 226 of the Constitution of India seeking the following prayers:- “i. Issue an appropriate writ, order or direction, including a writ of Mandamus, directing Respondent Nos. 1 and 2, namely the Reserve Bank of India and Union of India through the Ministry of Corporate Affairs, to duly consider, examine and decide the complaints, representations and reminders submitted by the Petitioners and other similarly placed investors in a fair, transparent and time-bound manner. This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/09/2026 at 11:23:02 ii. Issue a writ of Mandamus directing Respondent Nos. 1 and 2 to exercise their statutory and regulatory powers by initiating appropriate regulatory, supervisory, investigative and enforcement action against Respondent No. 4, Fair assets Technologies India Private Limited (Faircent), its Directors, Cofounders, Key Managerial Personnel and other persons responsible, in accordance with the Reserve Bank of India Act, 1934, the Companies Act, 2013, the Master Direction — NBFC Peer- to-Peer Lending Platform Directions, and other applicable laws. iii. Issue a writ of Mandamus directing Respondent No. 2 to conduct, or cause to be conducted, a comprehensive inquiry/investigation, including through the Serious Fraud Investigation Office (SFIO), into the affairs, business operations, financial transactions and conduct of Respondent No. 4, including allegations of fraudulent misrepresentation, concealment of material facts, false disclosures, diversion or siphoning offunds, manipulation of investor information, unfair trade practices and violations of the provisions of the Companies Act, 2013, including Sections 447 and 448, and to take appropriate action in accordance with law. iv. Declare the unilateral modification and extension of investment plans, repayment schedules and other contractual terms by Respondent No. 4, without the consent of the Petitioners and similarly placed investors, as illegal, arbitrary, null and void, being contrary to the applicable regulatory framework This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/09/2026 at 11:23:02 governing NBFC-P2P Lending Platforms. v. Issue a writ of Mandamus directing Respondent No. 4 to refund the entire principal amount invested by the Petitioners and similarly placed investors, together with applicable interest, compensation and damages for the losses suffered, and to furnish complete and transparent disclosures, including borrower-wise details, fund allocation records, repayment status, credit assessments, NPA data and all information required under the regulatory framework. vi. Issue a appropriate direction to Respondent No. 4 for repayment of the facilitation fees deducted from all the members, disbarrnent of the remaining payment of the Petitioners. vii. Issue appropriate direction to Respondent No.3 to disclose the payment transaction, mapping/ matching of lender and borrower, Escrow Account mechanism of the respondent No. 4 to the Petitioners. viii. Issue appropriate directions to Respondent Nos. 1 and 2 to formulate and implement an effective, transparent and time bound mechanism for redressal of grievances of the Petitioners and similarly placed investors, to ensure strict regulatory compliance by Respondent No. 4, and to place before this Hon'ble Court a Status Report/Action Taken Report regarding the action taken on the complaints submitted by the Petitioners. ix. Award the costs of the present petition in favour of the Petitioners and grant such compensation and other consequential reliefs as this Hon'ble Court may deem fit and ' proper in the This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/09/2026 at 11:23:02 facts and circumstances of the case.” 2. Mr. Shukla, learned counsel states that the petitioner is only seeking directions against the respondent No. 1 and 2 to consider and decide the complaints and representations of the petitioner in a time bound manner. 3. For the said reasons, issue notice. 4. Mr. Sharma, learned counsel accepts notice on behalf of the respondent No. 1 and 2. 5. Since, the petitioner is only seeking consideration and decision on his complaints and representations, it is directed that the respondent No. 1 and 2 shall consider the same and pass a speaking order in terms of extant rules, regulations and guidelines. 6. With these directions the petition is disposed of. JASMEET SINGH, J SEPTEMBER 17, 2026/jk This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/09/2026 at 11:23:02