NISHANT
Section 21A of the Banking Regulation Act, 1949, will not operate in those States where there is a State Debt Relief Act that deals with the subject matter of relief of 'agricultural indebtedness'.
NISHANT MEHROTRA 17 Feb 2018

Section 21A of the Banking Regulation Act, 1949, will not operate in those States where there is a State Debt Relief Act that deals with the subject matter of relief of 'agricultural indebtedness'.

SC :: in JAYANT VERMA & ORS. Vs. UNION OF INDIA & ORS. :: Section 21A of the Banking Regulation Act, 1949, which prohibits Courts from reopening a debt between a banking company and its debtor on the ground that the rate of interest charged by the banking company is excessive, will not operate in those States where there is a State Debt Relief Act that deals with the subject matter of relief of 'agricultural indebtedness'.

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