State Bank Of Saurashtra vs Punjab National Bank With (Vice Versa)

The Supreme Court upheld the Special Court's decision under the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992, ordering the appellant to deliver 7.5 crore units of the Unit Trust of India to the respondent, as the appellant failed to fulfill its contractual obligation despite receiving substantial payments. The Court affirmed the entitlement of the respondent to specific performance and damages for non-delivery, emphasizing the binding nature of the bankers' receipts issued by the appellant. The appeal was dismissed, and costs were awarded to the respondent.