Supreme Court of India Judgements

46660 Judgements hosted as on 19/11/2024 - Search (FREE), Subscribe, Read & Download

Category: Banking

Banking Corporate

Sale Contract – Letter of credit – A letter of credit is independent of and unqualified by the contract of sale or underlying transactions – Autonomy of an irrevocable LOC is entitled to protection and as a rule, courts refrain from interfering with that autonomy – If courts interfere in such transactions, it would be prone to misuse by the applicant party

Nov 13, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S BAWA PAULINS PVT. LTD. — Appellant Vs. UPS FREIGHT SERVICES (INDIA) PVT. LTD. AND ANOTHER — Respondent ( Before : B.R. Gavai and…

Banking Constitution

Contract Act, 1872 – Section 62 – One Time Settlement Scheme – – Impugned judgment and order passed by the High Court granting further time to the borrower to make the balance payment under the OTS Scheme in exercise of powers under Article 226 of the Constitution of India is unsustainable and the same deserves to be quashed and set aside

Nov 6, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH STATE BANK OF INDIA — Appellant Vs. ARVINDRA ELECTRONICS PRIVATE LIMITED — Respondent ( Before : M.R. Shah and Krishna Murari, JJ. ) Civil…

Banking

Foreign Exchange Regulation Act, 1973 Section 6 – HELD under Rules, the Banks are required to preserve the record for five years and eight years respectively. On this ground also, permitting the show cause notices and the proceedings continued thereunder of the transactions which have taken place much prior to eight years would be unfair and unreasonable. No order in writting of RBI produced for maintaining record for longer time period

Aug 29, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH UNION OF INDIA AND ANOTHER — Appellant Vs. CITI BANK, N.A. — Respondent ( Before : B.R. Gavai and Pamidighantam Sri Narasimha, JJ. )…

Banking

Reserve Bank of India Act, 1934 – Chapter III B – Kerala Money Lenders Act, 1958 and the Gujarat Money Lenders Act, 2011 will have no application to Non­Banking Financial Companies (NBFCs) registered under the Reserve Bank of India Act, 1934 and regulated by Reserve Bank of India.

May 15, 2022 sclaw

SUPREME COURT OF INDIA DIVISON BENCH NEDUMPILLI FINANCE COMPANY LIMITED — Appellant Vs. STATE OF KERALA AND OTHERS — Respondent ( Before : Hemant Gupta and V. Ramasubramanian, JJ. )…

Banking

Order of High Court Granting Interim Relief – Quashing of -High Court has as such made the proceedings before the DRAT infructuous, as after the impugned judgment and order nothing further is required to be decided by the DRAT – Therefore, the High Court has exceeded in its jurisdiction by passing the impugned judgment and order

Feb 26, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH SRS ADVERTISING & MARKETING PRIVATE LIMITED AND OTHERS — Appellant Vs. MR. KAMAL GARG AND ANOTHER — Respondent ( Before : M.R. Shah and…

Banking

Maharashtra Co-operative Societies Rules, 1961 – Rule 107(14)(i) – Setting aside of auction sale – No sale shall be set aside on the ground of material irregularity, mistake or fraud unless the Recovery Officer is satisfied that the applicant had sustained substantial injury by reason of such irregularity, mistake or fraud.

Feb 26, 2022 sclaw

SUPREME COURT OF INDIA DIVISION BENCH DEENADAYAL NAGARI SAHAKARI BANK LIMITED AND ANOTHER — Appellant Vs. MUNJAJI AND OTHERS — Respondent ( Before : M.R. Shah and B.V. Nagarathna, JJ.…

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Acquittal

Penal Code, 1860 (IPC) — Sections 376 and 313 — Rape — False promise of marriage — Physical relationship with the complainant under the false promise of marriage, leading to her pregnancy and subsequent abortions — Whether the FIR should be quashed based on the allegations and the delay in filing the complaint — The petitioner argued that the relationship was consensual and the delay in filing the FIR undermines the credibility of the allegations — The respondent claimed that the petitioner deceived her with a false promise of marriage, leading to non-consensual physical relations — The Supreme Court quashed the FIR, noting the long-term consensual relationship and the lack of prima facie evidence for rape under Section 376 IPC —The Court emphasized the delay in filing the FIR and the nature of the relationship, which appeared consensual —The Court referred to previous judgments, highlighting the importance of prima facie evidence and the misuse of legal provisions —The FIR and all proceedings based on it were quashed, preventing abuse of the legal process.

Oct 21, 2024 sclaw
Acquittal

Penal Code, 1860 (IPC) — Sections 420, 468, 471 and 120-B —Prevention of Corruption Act, 1988 — Section 13(2) and 13(1)(d) — Financial misconduct and conspiracy — Whether the High Court was correct in discharging the respondent from the charges of conspiracy and financial misconduct — The CBI argued that the High Court conducted a mini-trial at the charge-framing stage and that there was sufficient suspicion to frame charges against the respondent — The respondent’s counsel argued that the material in the charge sheet did not make out a case against the respondent and that the High Court rightly discharged him —The Supreme Court upheld the High Court’s decision to discharge the respondent, stating that mere suspicion was not enough to frame charges – The Court found that the respondent’s role was limited to signing the memorandum prepared by senior officers and participating in the Management Committee meeting, which approved the proposal — The Court emphasized that the proposal had passed through various committees and that the respondent’s actions did not amount to criminal misconduct — The appeal was dismissed, and the respondent was discharged from the charges — The trial against other accused persons will continue.

Oct 21, 2024 sclaw
Municipal Laws

Patna Municipal Corporation Act, 1951 — Sections 146, 423 and 488(1) — The Patna Municipal Corporation imposed a royalty on advertisements, which was later increased — The respondents challenged this imposition, arguing it was a tax without legislative backing — Whether the royalty imposed by the Corporation was a tax and if it was legally enforceable without legislative sanction — The Corporation argued that the royalty was agreed upon by the parties and was not a tax — They contended that the enhancement of the rate was within their rights — The respondents argued that the imposition was a tax, which required legislative sanction, and the Corporation had no authority to levy it — The Division Bench quashed the enhancement, ruling that the Corporation had no power to impose the tax without legislative backing — The Court found that the royalty was not a tax but a fee agreed upon by the parties — It held that the Corporation’s actions were within the scope of the agreement — The Court distinguished between royalty and tax, emphasizing that royalty is based on an agreement, not statutory provision — The Court upheld the imposition of royalty as per the agreement but noted that the enhancement in rates was not challenged effectively — The judgment of the Division Bench was set aside.

Oct 21, 2024 sclaw
Constitution

Citizenship Act, 1955 — Section 6A — Special provisions as to citizenship of persons covered by the Assam Accord — The case involves the constitutional validity of Section 6A of the Citizenship Act 1955, which grants citizenship to certain migrants from Bangladesh to Assam —The main issues include whether Parliament had the legislative competence to enact Section 6A, and if Section 6A violates Articles 6, 7, 14, 29, and 355 of the Constitution — Petitioners argue that Section 6A is unconstitutional as it conflicts with Articles 6 and 7, adopts unreasonable cut-off dates, and violates Articles 14, 29, and 355 — Respondents contend that Section 6A is within Parliament’s legislative competence under Article 11 and does not violate the Constitution — The judgment addresses the legislative competence of Parliament, the reasonableness of cut-off dates, and the impact on Assamese cultural identity — The court examines the historical context of citizenship provisions, the legislative intent behind Section 6A, and the scope of judicial review under Article 14 — The court analyzes the constitutional provisions on citizenship, the legislative objective of Section 6A, and the balance between legislative intent and constitutional mandates —The court concludes that Section 6A of the Citizenship Act is constitutional and does not violate the cited Articles of the Constitution.

Oct 21, 2024 sclaw