Supreme Court · 2009 INSC 989 · Decided 31 July 2009
M/S. Sardar Associates & ORS. v. Punjab & Sindh Bank & ORS.
- Court
- Supreme Court of India
- Citation
- 2009 INSC 989 · [2009] 11 S.C.R. 803
- Case number
- CIVIL APPEAL No. 4970/2009
- Decided
- 31 July 2009
- Bench
- S.B. SINHA, DEEPAK VERMA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
803 MIS. SARDAR ASSOCIATES & ORS. A v. PUNJAB & SINDH BANK & ORS. (Civil Appeal Nos. 4970-4971 of 2009) JULY 31, 2009 B [S.B. SINHA AND DEEPAK VERMA, JJ.) Banking Regulation Act, 1949 - ss. 21 and 36 - Power of Reserve bank to control advances by banking companies - Default in seeking one time settlement of disputes as per RBI guidelines, however not accepted by bank - Allowed by appellate tribunal but set aside by High D Court - Sustainability of - Held: Not sustainable - RBI is entitled to formulate policies which the banking companies are bound to follow-It
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