Urgent Help: sarfaesi act co-operative bank

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.

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

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

 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

Indiankanoon.com - Check this link for all cases.

its "indiankanoon.org".

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."

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

yes...Co-operative Bank can

Of course they can...

No. "Co-operative banks"  other than Multi State Co-operative Banks cannot proceed with the provisions of SARFAESI Act. Why?

Karnataka HC has also observed that SARFAESI Act is not applicable in the case of "Co-operative Banks". But Kerala HC has a different view.

Hello,

please confirm status as per present scenario and if possible, do give link reference for judgement supporting the same.

mainly for primary co-operative banks

regards

Co-operative Banks other than Multi State Co-op. Banks cannot invoke provisions of SARFAESI Act.

Gujarat HC has quashed notification of Central Government in the case ADMINISTRATOR - SHRI DHAKDI GROUP CO OPERATIVE COTTON SEED & ORS.Versus UNION OF INDIA & ORS.

https://indiankanoon.org/doc/97560712/