Justice Vipin Sanghi reserved the order after counsel appearing for the aviation firm and the Directorate General of Civil Aviation and Home Ministry concluded their arguments.
The DGCA had on May 7 scrapped the firm's permit after the home ministry withdrew the security clearance of the company raising security concerns.
The government had also withdrawn security clearance of Ravi Rishi.
Appearing for the company, senior advocate Neeraj Kishan Kaul contended before the court that the order on the company's operating permit had been passed without a show cause notice and hence was in complete violation of the principle of natural justice.
"It cannot be disputed that no explanation was sought from the petitioner nor any enquiry conducted prior to taking such serious action of withdrawal of security clearance and suspending its non-scheduled operator's permit which virtually brings its business to an end," Kaul added.
The company had submitted that the home ministry informed the DGCA that security clearance of Ravi Rishi had been withdrawn. The DGCA then suspended the non-scheduled chopper operator's permit.
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On the other hand, defending the decision, DGCA advocate Anjana Gosai had told the court that it had only followed the process suggested by the home ministry, which was acting on grounds of public safety.
"MHA (ministry of home affairs) is the main department to give security clearance, we have followed the process. If security clearance of the company is withdrawn by the MHA, the DGCA has to withdraw operating permit," she had said.