Supreme Court Upholds Vicarious Liability in NI Act Proceedings - Respondent No. 2, Who Actively Negotiated the Facility, Executed the Loan and Security Documents, and Provided Personal Guarantees, Held Liable - “Repetition of the Exact Words of the Section 141 Language in the Same Order, Like a Mantra or a Magic Incantation is Not the Mandate of the Law”
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Supreme Court Upholds Vicarious Liability in NI Act Proceedings – Respondent No. 2, Who Actively Negotiated the Facility, Executed the Loan and Security Documents, and Provided Personal Guarantees, Held Liable – “Repetition of the Exact Words of the Section 141 Language in the Same Order, Like a Mantra or a Magic Incantation is Not the Mandate of the Law”

Court’s Decision The Supreme Court allowed the appeal filed by HDFC Bank Ltd. and set aside the judgment of the Bombay High Court dated 10.01.2024, which had quashed proceedings under…