Remember | Register | Forgot Password?
Bookmark This Page   RSS Feeds  Follow On Twitter

 

Search for Lawyers          
    



Please Wait ..


Discussion > Business Law > Urgent Help: sarfaesi act co-operative bank   Unanswered Threads Post New Topic

Pages : 1 2


There are 12 Replies to this message


akshay


Director
[ Scorecard : 38]
Posted On 08 February 2010 at 22:23 Report Abuse

Respected Members,

Can u provide me any website or link Where I can Get a copy of the Order of Supreme Court or High Court which states that Sarfaesi Act is applicable to co-operative bank or not?

i.e. can co-operative banks use Sarfaesi Act  for the recovery of their debts of loan amount?

Whether the answer is yes or no...Please provide me the copy...

Thanks...

 



raj kumar makkad


Advocate
[ Scorecard : 131207]
Posted On 08 February 2010 at 22:50 Report Abuse

In exercise of its powers conferred under Section 2(1)(c)(v), the
Central Government issued a notification dated 28-1-2003, which reads as under:

NOTIFICATION UNDER SECTION 2(1)(c)(v):

NOTIFICATION No. SO 105(E), DATED 28-1-2003 In exercise of the powers
conferred under item (v) of Clause (c) of Sub-section (1) of Section 2 of the
Securitisation and Reconstruction of Financial Asset and Enforcement of Security
Interest Act, 2002 (54 of 2002), the Central Government hereby specifies "Co-
operative Bank" as defined in Clause (cci) of Section 5 of Banking Regulation
Act, 1949 (10 of 1949) as 'bank' for the purpose of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002 (54 of 2002).

Also amendment to the Banking Regulation Act has also done after which Sec 56 of the Banking Re. Act reads as :
APPLICATION OF THE ACT TO CO-OPERATIVE BANKS

56. Act to apply to co-operative societies subject to modifications. - The provisions of this Act, as in force for the time being, shall apply to, or in relation to, co-operative societies as they apply to, or in relation to, banking companies subject to the following modifications, namely : (c) in Section 5, -
i) after Clause (cc), the following clauses shall be inserted, namely:
"(cci) 'Co-operative Bank' means a State Co-operative Bank, a Central Co-
operative Bank and a Primary Co-operative Bank;

also in the judgment of the Greater Bombay
Cooperative Bank Ltd. v. United Yarn Tex. Pvt. Ltd. and Ors. 2007 AIR SCW 232 the Apex court has also ruled that SARFAESi shall apply to the co-operative banks.



Total thanks : 1 times

TVD Rajkumar


Advocate
[ Scorecard : 175]
Posted On 10 February 2010 at 16:36 Report Abuse

you should find the decision Greater Bombay
Cooperative Bank Ltd. v. United Yarn Tex. Pvt. Ltd. and Ors at...

http://judis.nic.in/supremecourt/chejudis.asp



Total thanks : 1 times

akshay


Director
[ Scorecard : 38]
Posted On 10 February 2010 at 22:28 Report Abuse

 Thanks 

Mr. Rajkumar for providing me the link that i needed urgently....

I Got the ans to my question over there...

Sir,

 Can i know any website link where all laws of Supreme Court are written...

Reply...@

akshayweb@gmail.com


Gundlapallis


Advocate
[ Scorecard : 2472]
Posted On 11 February 2010 at 01:04 Report Abuse

Indiankanoon.com - Check this link for all cases.



Total thanks : 1 times

Vijyant Nigam (09807349001)


Advocate
[ Scorecard : 575]
Posted On 21 September 2011 at 21:16 Report Abuse

its "indiankanoon.org".


Radhakrishnan K.V.


Joint Registrar of co-operative societies (Rtd.)
[ Scorecard : 97]
Posted On 23 June 2013 at 11:56 Report Abuse

Is it correct to state that judgment of the Greater Bombay Cooperative Bank Ltd. v. United Yarn Tex. Pvt. Ltd. and Ors. 2007 AIR SCW 232 the Apex court has also ruled that SARFAESi shall apply to the co-operative banks. As per judgment: "Therefore, the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 [RDB Act] by invoking the Doctrine of Incorporation are not applicable to the recovery of dues by the co-operatives from their members."


Jimmy Fernandes


Advocate
[ Scorecard : 38]
Posted On 22 March 2014 at 14:36 Report Abuse

Whether Co-operative Bank can proceed with the Section 14 of SARFAESI ACT????


TVD Rajkumar


Advocate
[ Scorecard : 175]
Posted On 22 March 2014 at 16:43 Report Abuse

yes...Co-operative Bank can



Total thanks : 1 times

Vijyant Nigam (09807349001)


Advocate
[ Scorecard : 575]
Posted On 22 March 2014 at 22:20 Report Abuse

Of course they can...



Total thanks : 1 times


Related Files



Previous Thread
Previous
Next Thread
Next

Related Threads


Post your reply for Urgent Help: sarfaesi act co-operative bank



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • This is a public forum. Avoid posting content which you do not wish to disclose in public.
  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.





Subscribe to the latest topics :


Forum Home | Forum Portal | Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads - Month | Unreplied Topics | Forum Stats


web analytics