ICICI Bank Ltd v. Prakash Kaur

Facts

• A dispute arose regarding the applicability of company law provisions to a banking company's operations
• The respondent invoked general Companies Act provisions against ICICI Bank
• The bank contended that the Banking Regulation Act provided a self-contained code for matters it covers

Issue

1. Whether the Banking Regulation Act, 1949 constitutes a special law that overrides the Companies Act in matters specifically dealt with by the BR Act.

Held

• The Court held that where the Banking Regulation Act makes specific provision on a matter (licensing, capital requirements, inspection, winding up, amalgamation), it prevails over the general Companies Act to that extent. The BR Act is lex specialis; the Companies Act is lex generalis. The principle of generalia specialibus non derogant applies.

Ratio Decidendi

The Banking Regulation Act, 1949 is a special law governing banking companies. Where it makes specific provision, it overrides the corresponding general provision of the Companies Act. For matters not covered by the BR Act, the Companies Act applies residually.