2017 (7) TMI 1353

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....for the petitioners. Mr. P. C. Das. ... for the respondent/Bank. JUDGMENT The petitioner assails an action of a co-operative bank in invoking the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Learned advocate for the petitioner submits that, a co-operative society carrying on bank business cannot in....

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....n support of the contention that, a co-operative bank can invoke the provisions of the Act of 2002.  He relies upon Sections 56(1)(a) and 56(cc) of the Banking Regulation Act, 1949. According to him, the Reserve Bank of India is the only authority which can decide such an issue. With respect, the Courts are to decide the issues raised before it.  Prima facie, it appears that the co-oper....