Urgent Help: sarfaesi act co-operative bank


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...

 

 
Reply   
 
Advocate

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 likes : 1 times

 
Reply   
 


Advocate

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 likes : 1 times

 
Reply   
 

 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

 
Reply   
 
Advocate

Indiankanoon.com - Check this link for all cases.


Total likes : 1 times

 
Reply   
 

its "indiankanoon.org".

 
Reply   
 
Joint Registrar of co-operative societies (Rtd.)

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."

 
Reply   
 

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

 
Reply   
 
Advocate

yes...Co-operative Bank can


Total likes : 1 times

 
Reply   
 

Of course they can...


Total likes : 1 times

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

Search Forum:








web analytics