https://www.taxtmi.com/caselaws?id=395115 The SC held that SARFAESI Act applies to co-operative banks at both State and multi-State levels. Parliament has legislative competence under Entry 45 of List I to enact recovery procedures for co-operative banks, as banking activity falls within this entry despite banks being incorporated under State co-operative laws (Entry 32 of List II). The court applied the doctrine of pith and substance, finding that while incorporation aspects are governed by State law, banking operations including recovery procedures fall under Parliament's jurisdiction. Section 2(c)(iva) of SARFAESI Act and notification dated 28.2.2003 were held valid and not ultra vires. Co-operative banks are covered under the definition of banking company in BR Act, 1949, making SARFAESI provisions applicable to them. en-us Tue, 05 May 2020 00:00:00 +0530 Tue, 17 Jun 2025 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395115 The SC held that SARFAESI Act applies to co-operative banks at both State and multi-State levels. Parliament has legislative competence under Entry 45 of List I to enact recovery procedures for co-operative banks, as banking activity falls within this entry despite banks being incorporated under State co-operative laws (Entry 32 of List II). The court applied the doctrine of pith and substance, finding that while incorporation aspects are governed by State law, banking operations including recovery procedures fall under Parliament's jurisdiction. Section 2(c)(iva) of SARFAESI Act and notification dated 28.2.2003 were held valid and not ultra vires. Co-operative banks are covered under the definition of banking company in BR Act, 1949, making SARFAESI provisions applicable to them. Case-Laws Indian Laws Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395115