CENTRAL BANK OF INDIA vs M/S. ASIAN GLOBAL LTD.& ORS.

The Supreme Court upheld the Delhi High Court's decision to quash the complaint filed by the Central Bank of India under Sections 138 and 139 of the Negotiable Instruments Act, 1881, along with Sections 120-B and 420 IPC. The Court found that there was no privity of contract between the Bank and the Respondent No.3, thus the Bank could not maintain the complaint as a holder in due course. The Court affirmed the High Court's ruling that discharged the Respondents from the criminal proceedings initiated by the Bank.