State Bank Of Hyderabad vs Rabo Bank

The Supreme Court upheld the High Court's decision affirming the liability of the appellant Bank to remit payment for Bills of Exchange totaling US $ 19,31,627.89, as per the agreement with the respondent/plaintiff under the Negotiable Instruments Act, 1881. The Court found that the appellant's denial of liability was unfounded, as the transactions were conducted in accordance with the accepted banking procedures. The Court also confirmed the award of interest at 9.75% per annum from the maturity date of the Bills of Exchange until realization of the principal amount.