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VIPIN CHANDRA DIXIT, SHEKHAR B. SARAF
Manoj Kumar Sharma – Appellant
Versus
Union Of India – Respondent
JUDGMENT :
In Re: Civil Misc. Impleadment Application.
1. Impleadment application is allowed.
2. Let the necessary impleadment be incorporated in the memo of writ petition forthwith.
Writ Petition
1. Heard learned counsel for the parties and perused the record.
2. The present writ petition has been filed seeking the following reliefs:-
(II) To, issue any other writ order or direction which this Hon'ble Court may deem just and proper and the circumstances of the case.
(III) Award the cost of the petition in favour of the petitioner."
3. The brief facts of the case are that the mother of the petitioner died on February 8, 2020. Before the death of the mother of the petitioner, the mother of the petitioner was owner of several properties as well as owner of several FDRs at the Bank of Baroda. In all these FDRs the petitioner has been named as a nominee.
4. It is to be noted that the petitioner had also filed succession suit being Ci
A nominee under Section 45ZA of the Banking Regulation Act has the right to receive funds, but these funds remain part of the deceased's estate and are subject to succession laws.
The court affirmed that a succession certificate grants legal heirs entitlement to deceased's bank deposits, overriding nominee claims under the Banking Regulation Act.
Banking Services – Release of amount of deceased claimed by nominees – Nomination process does not override succession laws.
The nominee of a bank account is entitled to the amount involving the account of a deceased, but the nominee remains the custodian of the amount, and the legal heirs can approach appropriate authorit....
A nominee under banking law cannot appropriate funds and must disburse them to the legal heirs, who retain their rights over the estate.
In cases where the bank account does not mention a nominee, the claimant may be required to produce a succession certificate from a competent Court of law to establish the right to the amount.
Nomination does not confer ownership rights; legal heirs retain entitlement to the deceased's estate under succession laws.
The main legal point established in the judgment is that a nominee holds the proceeds for and on behalf of all the sharers, and therefore, is bound to share the proceeds with other legal heirs.
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