C. PRABHU S/O. SRI. R. CHANNAPPA AND R. CHANNAPPA S/O. A.C. RAMASWAMY Vs. THE ASHOKNAGAR CO-OPERATIVE BANK LTD., NO. 1345, 5TH CROSS, BSK I STAGE, II BLOCK, ASHOKNAGAR, BANGALORE - 560050, REPTD. BY ITS AUTHORIZED OFFICER

JUDGEMENT

(1.) THIS petition is filed seeking to set aside the order dated 87.2011 passed by the X Addl. CMM, Bangalore City in Crl. Misc. No. 62/2011, in which the learned Magistrate has allowed the application filed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ['Sarfaesi Act' for short] and directed to take possession of the secured property from the possession of the Petitioners herein, within three months from the date of the said order.

(2.) HEARD Sri Malla Reddy, B.V. learned Counsel appearing for the Petitioners and Sri Shailesh, learned Counsel appearing for the Respondent,

(3.) IT is further submitted by him that the notice under Rule 3A has not been served on the Petitioners and he has produced the acknowledgement of the registered letter, which does not bear the signature of the Petitioner. Therefore, the action taken by the Bank is contrary to the Rule 3A of the Rules. It is further submitted by him that the Applicant/Respondent is not a Bank within the meaning of the said Act. Therefore, the Sarfaesi Act is not applicable to the Co -operative Bank. Hence, he submits that the order dated 8.7.2011 may be set aside.