National Housing Bank vs Bherudan Dugar Housing Finance Ltd. And ...

The Supreme Court held that the High Court erred in quashing the complaint under Section 29A of the National Housing Bank Act, 1987, as the requirements of Section 50(1) of the Act were not adequately considered. The Court emphasized that the provisions of Section 50(1) are similar to those in Section 141 of the Negotiable Instruments Act, 1881, and sufficient averments were made in the complaint to implicate the accused. The Court reinstated the complaint, allowing the proceedings to continue against the accused parties.