Recovery Suit Against Bank for Misappropriation of Current Account Funds Maintainable Before Commercial Court: Karnataka High Court

In a significant ruling, the Karnataka High Court has held that misappropriation or loss of funds from a current account maintained by a banking institution qualifies as a commercial dispute. The judgment came in Writ Petition No. 17588 of 2022, filed by M/s. Viswas Textile Processors, a partnership firm involved in garment processing and manufacturing, against ICICI Bank Ltd. and others. The High Court allowed the petition, setting aside the…