Banking lawBanking companies actSupreme Court of India

Shri Ram Narain v Simla Banking and Industrial Co Ltd

AIR 1956 SC 614; 1956 SCR 60319561 min read
The case in brief30-second read
Facts
The High Court has exclusive jurisdiction over claims by or against a bank in liquidation.
Held
Execution of a decree against a banking company in liquidation, and attachment proceedings incidental to it, fall exclusively within the jurisdiction of the High Court under S.45A and S.45B of the Banking Companies Act, 1949.
Principle
Under S.45A and S.45B of the Banking Companies Act, 1949, execution of a decree against a bank in liquidation, including attachment, lies exclusively with the High Court; the Displaced Persons (Debts Adjustment) Act does not override that jurisdiction.
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Held

  • Execution of a decree against a banking company in liquidation, and attachment proceedings incidental to it, fall exclusively within the jurisdiction of the High Court under S.45A and S.45B of the Banking Companies Act, 1949.
  • The Displaced Persons (Debts Adjustment) Act, 1951 could not override that jurisdiction. The attachment ordered in Bombay was set aside.

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Citation

Shri Ram Narain v Simla Banking and Industrial Co Ltd AIR 1956 SC 614; 1956 SCR 603

Reported: https://api.sci.gov.in/jonew/judis/730.pdf. This is an educational summary, not the judgment itself. Cite the reported version in professional or academic work.