Omega Ltd. is a securitisation and reconstruction Company in terms of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI). The certificate thus issued was cance

Authority for Cancellation: Reserve Bank of India (RBI) is the Authority to cancel the registration granted to an Asset Reconstruction Company (ARC) in terms of Section 4 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI). Rights of Omega Ltd. against Cancellation: Omega Ltd. can prefer an appeal to the Central Government within a period of 30 days of the communication of cancellation. The Central Government shall give such company an opportunity of being heard before disposal of such application. Treatment of Existing Investments: If the Asset Reconstruction Company (ARC) is holding investments for Qualified Institutional Buyers (QIBs), after cancellation of registration, it shall be deemed to be an ARC until it repays the entire investments held by it together with interest, if any, within such period as the RBI directs. This provision ensures that the interests of QIBs are protected even after the cancellation of the ARC's registration.