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Can co-operative banks under the securitization act in andhra pradesh take action for recovery of amount against borrower.?
Wiki User
∙ 12y ago
There are diffrent views of the Hon'ble Karnatak High Court and Hon'ble Munbai High Court about the application of the securitisation act to co op banks. Hon'ble Supreme Court clearly stated that if the act of the bank (secured creditor) is fradulent and the claim is untenable then the limited jurisdiction is open to civil court to entertain the suit. (That means in case of co op bank the limited limited jurisdiction is open to co op court).
There are some cases pending before the Hon'ble High Courts and Hon'ble Supreme Court in which the notification dated on 28.01.2003 is challenged and Hon'ble Courts stayed the process of the co op banks initiated under the securitisation act.
Thank you.
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Wiki User
∙ 12y ago
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