AGENCIA COMMERCIAL INTERNATIONALLTD. & OTHERS vs CUSTODIAN OF THE BRANCHES OF BANCONACIONAL ULTRAMARINO

The Supreme Court held that the Custodian was entitled to sue for the recovery of debts arising from loan agreements made by the Banco Nacional Ultramarino (B.N.U.) branches, despite the loans being granted by the head office in Lisbon. The Court clarified that branches of a corporate entity are not distinct from the corporate body itself, and transactions with branches are effectively transactions with the corporation. The Court dismissed the appeals, affirming the validity of the Custodian's claims under the regulations promulgated post-liberation of Goa.