Lost bearer instruments cannot be replaced where the governing rule bars substitution and no challenge is made to that rule.

Indira Vikas Patras are bearer instruments akin to currency notes and do not bear the holder's name. Rule 7(2) of the Indira Vikas Patra Rules, 1986 states that a certificate lost, stolen, mutilated, defaced, or destroyed beyond recognition will not be replaced by any post office. As the validity of that rule was not challenged, no court direction contrary to it could be granted. The claim for replacement of the lost IVP, or for payment of its maturity value on that basis, therefore failed.

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Issues: Whether a lost Indira Vikas Patra could be replaced or its maturity value directed to be paid despite Rule 7(2) of the Indira Vikas Patra Rules, 1986.

Analysis: Indira Vikas Patras are bearer instruments akin to currency notes and do not carry the holder's name. Rule 7(2) expressly provides that a certificate lost, stolen, mutilated, defaced or destroyed beyond recognition will not be replaced by any post office. In the absence of any challenge to the validity of that rule, no direction inconsistent with it could be issued, because a court cannot grant relief that is contrary to the governing law.

Conclusion: The direction to pay maturity value on the basis of lost IVPs could not be sustained, and the claim for replacement or payment on that footing failed.

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