As per the case facts appeals were lodged against a Delhi High Court order that denied a petition to quash criminal proceedings against a bank The complainant had initiated a ... commercial suit to recover funds from a former bank alleging criminal actions by its officials The Reserve Bank had taken over the former bank's operations including assets and liabilities The appeal argued that prosecuting the new bank for the old bank's officials' actions would be a miscarriage of justice The question arose whether the criminal investigation or proceedings should be quashed particularly concerning the acquiring bank's involvement after the takeover Finally the Supreme Court set aside the High Court's judgment allowing the bank's appeal and dismissing the complainant's appeal The criminal proceedings against the acquiring bank were quashed emphasizing that denying the power to quash in such circumstances would be unjust especially given the public's trust in the banking sector and the regulatory body's intervention

Read more