STATE BANK OF TRAVANCORE vs MOHAMMED MOHAMMED KHAN

The Supreme Court held that the State Bank of Travancore, being a subsidiary bank under the State Bank of India (Subsidiary Banks) Act, 1959, is not considered a 'banking company' under the Kerala Agriculturists’ Debt Relief Act, 1970, specifically under Section 2(4)(a)(ii). The Court ruled that the respondent, an agriculturist, is entitled to the benefits of the Act, including debt scaling down, as the debt owed to the appellant Bank does not qualify for exclusion under the Act. The appeal by the Bank was dismissed, affirming the High Court's decision to grant the respondent relief under the Act.