https://www.taxtmi.com/caselaws?id=287280 A co-operative bank's use of the SARFAESI Act, 2002 was challenged on the ground that a banking co-operative society could not invoke that remedy, with reference to Sections 56(1)(a) and 56(cc) of the Banking Regulation Act, 1949. At the interim stage, the Calcutta HC found a prima facie case in favour of the petitioners and held that the balance of convenience lay with them. It therefore restrained the bank from taking any further step against the petitioners under the SARFAESI Act until further orders, granting temporary protection from coercive action. en-us Mon, 24 Jul 2017 00:00:00 +0530 Tue, 07 Apr 2020 09:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287280 A co-operative bank's use of the SARFAESI Act, 2002 was challenged on the ground that a banking co-operative society could not invoke that remedy, with reference to Sections 56(1)(a) and 56(cc) of the Banking Regulation Act, 1949. At the interim stage, the Calcutta HC found a prima facie case in favour of the petitioners and held that the balance of convenience lay with them. It therefore restrained the bank from taking any further step against the petitioners under the SARFAESI Act until further orders, granting temporary protection from coercive action. Case-Laws Indian Laws Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287280