Supreme Court of India
Deposit Insurance & Credit Guarantee Corporation v. Ragupathi Ragavan & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the High Court had exceeded its authority while giving a direction to the Official Liquidator, which is not in consonance with the statutory provisions and therefore, we set aside the D judgment and order delivered by the learned Single Judge as also by the Division Bench and direct the Official Liquidator and the Special Officer to act in accordance with the statutory provisions.
Judgment, page 15
From the headnote
c Deposit Insurance and Credit Guarantee Corporation Act, 1961- ss. 3(1), 16, 21- Deposits made by depositors with the banking companies - Insurance by appel/ant Corporation - Bank in financial difficulties - Liability of the Corporation - Amount insured in respect of each depositor was only Rs. 1 lakh as such all the depositors not paid the entire amount deposited with the bank- Writ petition by some of the depositors seeking payment of amount which exceeded Rs. 1 lakh from the Official Liquidator- Direction by Single Judge to the Special Officer to pay the amount deposited by the
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