Associated Timber Industries And Ors vs Central Bank Of India And Anr

The Supreme Court held that the Central Bank of India is not a 'money-lender' under the Assam Money Lenders Act, 1934, and thus not required to obtain a license under Section 7-D of the Act. The Court reasoned that the activities of the Bank are governed by the Banking Regulation Act, 1949, which provides a comprehensive regulatory framework distinct from that applicable to money-lenders. Consequently, the appeal against the Gauhati High Court's decision affirming the maintainability of the suit was dismissed, upholding the High Court's ruling.