Supreme Court: Imminent Death Not Required For a Statement to Qualify as Dying Declaration  ||  SC: HC Cannot Grant Pre-Arrest Bail Without Quashing FIR; Accused Must Approach Sessions Court First  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract  ||  SC: Agreed Interest Rate Cannot Be Challenged as Exorbitant; Arbitrator Cannot Override Contract  ||  SC: GST Exemption on Residential Lease Applies When Building is Sub-Leased for Hostel/PG Use  ||  Rajasthan High Court: Universities Cannot Retain Students’ Original Documents for Pending Fees  ||  NCLT: Damages from Contractual Disputes Cannot Form Basis for Initiating Insolvency Proceedings  ||  Del HC: Pre-SCN Consultation is Unnecessary in Large-Scale GST Fraud Cases with Complex Transactions  ||  Calcutta HC: Unilaterally Appointed Arbitrator Violates Natural Justice and Sets Aside the Award  ||  Raj HC Upholds Padmesh Mishra’s AAG Appointment, Noting Advocacy Skill isn’t Tied to Experience    

Standard Chartered Bank v. Andhra Bank Financial Services Ltd. and Ors. - (Supreme Court) (28 Aug 2015)

Knowledge of a specific person against whom a suit can be instituted is required under “first learns”

MANU/SC/0935/2015

Civil

The Supreme Court held that Standard Chartered Bank's claim borne from a purchase of bonds worth nearly Rs. 50 crores for which it only received a photocopy of the letter for allotment was not time barred. Noting that under Article 91(a) of the Schedule in Limitation Act, 1963, the period of limitation started running from the date when the person 'first learns' about the conversion of moveable property, a certain degree of knowledge had to be attributed to meet the requirement. A mere suspicion or a whisper of knowledge was not enough for the period of limitation to start running. Given the facts of the case, the Court determined 'first learns' required knowing the identity of a specific person in whose possession the bonds were and that he acquired the possession of the said bonds under an arrangement, which in law would constitute wrongful conversion.

Relevant : K.S. Nanji and Co. v. Jatashankar Dossa and Ors. MANU/SC/0252/1961 Sarat Kamini Das v. Nagendra Nath Pal MANU/WB/0459/1925 Standard Chartered Bank v. Andhra Bank Financial Services Ltd. and Ors. MANU/SC/2534/2006

Tags : BOND   LIMITATION   FIRST LEARNS   KNOWLEDGE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved