BHARAT NIDHI LTD. vs TAKHATMAL & ORS.

The Supreme Court held that the irrevocable power of attorney and endorsement on the bill constituted an equitable assignment of future debts, allowing the appellant-Bank to receive payments due from M. The Court clarified that such an assignment is valid and creates an interest in the fund, distinguishing it from a revocable mandate. The appeal was allowed, reversing the High Court's dismissal and affirming the Bank's right to the funds attached by the first respondent.