Supreme Court · 2012 INSC 580 · Decided 11 December 2012
Kotak Mahindra Bank LTD. v. Hindustan National Glass & IND. LTD. and ORS.
- Court
- Supreme Court of India
- Citation
- 2012 INSC 580 · [2012] 13 S.C.R. 697
- Case number
- CIVIL APPEAL No. 8916/2012
- Decided
- 11 December 2012
- Bench
- A.K. PATNAIK, SWATANTER KUMAR (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
Headnote
Bank/Banking - Master Circular on wilful default issued A B by Reserve Bank of India - Whether covers a derivative transaction - Held: In view of the mischief the Master Circular C seeks to remedy and the purpose of the Master Circular, the definition of 'wilful default' would be only wilful defaults of dues by a bonuwer to the bank under /ender-borrower relationship, but also wilful defaults of dues by a client of the bank under other banking transactions such D as bank guarantees and derivative transactions - Reserve Bank of India, Act, 1934 - ss. 45A(c)(v), 45C and
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