Cooperative Banks under SARFAESI Act

  • On 5th May, 2020, in a significant verdict, the Supreme Court held that all co-operative banks in the country could make use of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) to make recovery against defaulting persons.
  • The case had been referred to the constitution bench after earlier conflicting decisions on this issue emerged in the cases of Greater Bombay Coop. Bank Ltd. v. United Yarn Tex (P) Ltd (2007) and Union of India and Anr. v. Delhi High Court Bar Association(2002).

Need

  • According to an RBI report, there were 1,551 urban cooperative banks as ....
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