NIKHAHAT PARVIN SEKH KHALIL Vs. UNION OF INDIA

JUDGEMENT

(1.) Rule returnable forthwith. Heard by consent.

(2.) The only contention raised on behalf of the petitioner is that the respondent bank could not have invoked the provisions of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [hereinafter referred to as Act of 2002] for giving effect to the Recovery Certificate issued under section 101 of the Cooperative Societies Act.

(3.) Admittedly the provisions of the Act of 2002 have not been invoked by the bank for recovery by issuing notice under section 32 of that Act. The bank having resorted to the procedure under Co-operative Societies Act upto stage of certificate under section 101, could not have resorted to the provisions of section 14 of the Act of 2002 and that too without complying with the provisions of the Act of 2002. In this view of the matter impugned order is set aside. However, it is made clear that the Bank shall be entitled to recover its dues in accordance with law. Rule made absolute.