Shanti Prasad Jain And Another vs Director Of Enforcement, Foreign ... on 4 October, 1962
The learned
counsel for the petitioner has drawn my attention to a large number of reported cases in which the doctrine that the debtor should seek the creditor has been upheld. This proposition of law is not disputed on behalf of the respondents. It is, however, contended by the learned counsel for the respondents that a bank is not a debtor in the real sense. This contention of the respondents is repelled by a decision of the Supreme Court in Shanti Prasad Jain v. Director of Enforcement, Foreign Exchange Regulation Act [1963] 33 Comp Cas 231 ; AIR 1962 SC 1764. The Supreme Court in this case has observed that the law is well settled that when moneys are deposited in a bank, the relationship that is constituted between the banker and the customer is one of debtor and creditor.