(1) Where the Bank refuses an application for authorization, fails to take a decision on an application within the time prescribed by Regulation 14 (2), or revokes or refuses to revoke an authorization under these Regulations the applicant or the management company, the investment company or the trustee, as the case may be, may apply to the High Court in a summary manner to have the matter reviewed.
(2) Whenever an application to review a decision of the Bank is brought to the High Court pursuant to paragraph (1) the High Court shall confirm the decision of the Bank unless it is satisfied that the procedures laid down by, or the requirements of these Regulations or the directive have not been complied with in any material respect.
(3) In any case where the High Court is satisfied that the procedures laid down by, or the requirements of, these Regulations or the Directive have not been complied with in any material respect, the High Court may set aside the decision of the Bank or,