At the same time, the bench comprising Justice Arijit Pasayat and Justice P P Naolekar said that the interim order of Lucknow Bench of Allahabad high court staying the RBI action against SIFCL will not be in operation. SIFCL will now appeal to RBI on June 12 for a personal hearing.
The NBFC was registered on December 1998, with an office in Lucknow.
SC wanted to know how it encashed securities deposited with RBI.
RBI has sought to stop one of its firms from disposing off assets.