ASSOCIATED TIMBER INDS. vs CENTRAL BANK OF INDIA

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 fall under the Banking Regulation Act, 1949, which governs banking activities distinct from money lending. Consequently, the High Court's decision to allow the suit to proceed was upheld, affirming the maintainability of the suit against the appellants.