DEPOSIT INSURANCE & CREDIT GUARNT.CORPN. vs RAGUPATHI RAGAVAN .

The Supreme Court addressed the appeal by the Deposit Insurance and Credit Guarantee Corporation under the Deposit Insurance and Credit Guarantee Corporation Act, 1961, specifically citing Section 3(1) and Section 17. The Court held that the Corporation is responsible for insuring deposits and guaranteeing repayment to depositors when a bank, such as Theni Cooperative Urban Bank Ltd., faces financial difficulties and is wound up. The judgment affirmed the necessity of the Corporation's role in protecting depositors' interests during liquidation proceedings.