Supreme Court of India
M/s. Sardar Associates & Ors. v. Punjab & Sindh Bank & Ors.
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From the headnote
Banking Regulation Act, 1949 - ss. 21 and 36 - Power of Reserve bank to control advances by banking companies - Default in discharge of liabilities by borrowers and assets c r declared as Non-performing assets - Bank-creditor seeking recovery of amount from borrower-debtor - Tribunal issuing l recovery certificate - Borrower seeking one time settlement of disputes as per RBI guidelines, however not accepted by bank - Allowed by appellate tribunal but set aside by High Court - Sustainability of - Held: Not sustainable - RBI is entitled to formulate policies which the banking companies are
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