$~144 * IN THE HIGH COURT OF DELHI AT NEW DELHI # CNR No. DLHC010438772026 + W.P.(C) 13515/2026 SAYA CEMENTATION LIMITED .....Petitioner Through: Mr. Gaurav Mitra Sr Adv., Mr. Ayush Negi Adv., Mr Kartik Bhatnagar Adv., Mr. Harsh Tyagi Adv., Mr. Sparsh Saxena Adv., Ms. Lavanya Pathak, Adv. versus RESERVE BANK OF INDIA & ORS. .....Respondent Through: Mr. Chitvan Singhal, SPC Ms. Muskan Gupta, Advs R4 Adv. Mr. Dhaval Mehrotra Adv. Ms. Aditi Desai for R1 Adv Lzafeer Ahmad BF, Adv Vishnu Sharma A.S and Adv. Shubham Arun for R2 Senior Advocate Mr Rajshekhar Rao with Adv Ms Chitra Rentala, Adv Mr Parikshith K, Adv Ms Aashna Chawla, Adv Mr Ayush Chaturvedi, Adv Mr Utkarsh Mishra for R3 Mr. Deepender Banger Ms. Manisha Deo Advs for UOI CORAM: HON'BLE MR. JUSTICE JASMEET SINGH O R D E R % 16.09.2026 CM APPL. 63031/2026 Allowed subject to all just exceptions. The application stands disposed of. W.P.(C) 13515/2026 1. This is a writ petition filed under Article 226 of the Constitution of 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 11:18:08 India seeking the following prayers:- “a) issue a writ of mandamus, or any other appropriate writ, order or direction, directing Respondent No. I/Reserve Bank of India to consider and dispose of the Petitioner's Representation by a reasoned and speaking order, within a considerable period from the date of the order of this Hon'ble Court, or within such other period as this Hon'ble Court may deem fit and proper; b) direct Respondent No. I/Reserve Bank of India, while considering the aforesaid Representation, to examine the regulatory issues raised therein in relation to the credit exposure of Respondent No. 2/IIFL Finance Limited concerning the project earlier known as "Oh My God" and presently known as "Saya Status", including, to the extent considered relevant and permissible in law, the sequence of sanction, default, restructuring, promoter substitution, share-transfer-linked arrangements and eventual assignment of the debt; c) direct Respondent No. I/Reserve Bank of India, in exercise of its statutory regulatory and supervisory powers and to the extent considered necessary for disposal of the Representation, to call for such records, documents and information from Respondent No. 2/IIFL Finance Limited as may be necessary for examining the regulatory issues raised in the Representation, including records relating to sanction, restructuring, asset 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 11:18:08 classification, provisioning, transfer/assignment of the relevant exposure and connected transactions; d) direct Respondent No. 1/Reserve Bank of India to examine, in accordance with the regulatory framework applicable to the relevant transactions and periods, whether the matters raised in the Representation disclose any regulatory non-compliance, including possible evergreening, indirect rollover of stressed exposure, inappropriate asset classification or any other violation of applicable RBI directions; e) direct Respondent No. I/Reserve Bank of India, if upon consideration and examination of the Representation any regulatory non-compliance is found, to take such supervisory or other action as may be warranted in accordance with law;....” 2. For the said reasons, issue notice. 3. Mr. Singhal, Mr. Mehrotra Mr. Ahmad and Mr. Chaturvedi, learned counsels accept notice on behalf of the respondent Nos. 4, 1, 2 and 3 respectively. 4. Mr. Rao, learned senior counsel for the respondent No. 3, Mr. Ahmad, learned counsel for the respondent No. 2 and Mr. Mehrotra, learned counsel for the respondent No. 1 submit that this Court does not have jurisdiction as the entire subject matter has arisen outside the jurisdiction of this Court. 5. However, they state that without prejudice to the above, since the petitioner is only seeking consideration and disposal of 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 11:18:08 petitioner’s representation dated 13.05.2026, the Court may pass appropriate orders. 6. Since the petitioner is only seeking disposal of its representation dated 13.05.2026, it is hereby directed that the respondent No. 1 will consider and decide the petitioner’s representation by a reasoned and speaking order expeditiously. 7. The Court has not examined the merits/demerits of the controversy raised in the petition. 8. The petition is disposed of in the aforesaid terms. JASMEET SINGH, J SEPTEMBER 16, 2026 / (MS) 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 11:18:08