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Jun 30, 2020

Mechanism under the SARFAESI Act for Debt Recovery by Co-operative Banks

The Supreme Court in the five-judge constitutional bench decision of Pandurang Ganpati Chaugule v. Vishwasrao Patil Murgud Sahakari Bank Limited, has ruled that co-operative banks may resort to the mechanism under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’) for debt recovery. It further held that the SARFAESI Act governs the banking business of co-operative banks, but does not seek to regulate matters relating to the incorporation, regulation, and winding-up of co-operative banks.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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