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SCA/13007/2008 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
SPECIAL
CIVIL APPLICATION No. 13007 of 2008
=========================================================
LIQUIDATOR
- THE RAJKOT MERCANTILE CO-OPERATIVE BANK - Petitioner(s)
Versus
AUTHORISED
OFFICER / RECOVERY OFFICER & 1 - Respondent(s)
=========================================================
Appearance
:
MR
SANDEEP N BHATT for
Petitioner(s) : 1,
None for Respondent(s) : 1,
MR KL PANDYA,
AGP for Respondent(s) :
2,
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CORAM
:
HONOURABLE
MR.JUSTICE JAYANT PATEL
Date
: 21/10/2008
ORAL
ORDER
Notice.
Mrs. Pahwa learned Counsel appears for respondent No. 1 and waives
service of notice and Mr. K.L. Pandya learned AGP appears for
respondent No. 2 and waives service of notice for the respondent No.
2.
With
the consent of the learned Counsel appearing for both the sides, the
matter is further heard.
The
petitioner by this petition has challenged the action under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (hereinafter referred to
as the ‘Securitisation Act’) of issuing notice under Section 13(2)
of the Securitisation Act by the respondent No. 1 bank.
Upon
hearing leaned Counsel appearing for both the sides, it appears that
there is consensus amongst the learned Counsel appearing for the
parties that if the Registrar, Cooperative Societies gives suitable
directions in the matter of recovery of the amount by respondent No.
1 bank, the respondent No. 1 bank also will be in a position to
enforce the recovery. Further, it also appears that as per the
communication dated 1.9.2008 annexure-F, the petitioner bank has
made representation to the Registrar, Cooperative Societies.
Under
these circumstances, learned Counsel appearing for the petitioner
and the respondent No. 1 prays that if the direction is given to the
Registrar, Cooperative Societies to examine the matter and to
clarify the position and/or suitable directions, so as to enable the
bank to take proper action, their respective clients are agreeable.
Mr.
Pandya learned AGP submitted that if direction is given, the
Registrar, Cooperative Societies shall examine the matter.
In
view of the above, the petitioner shall pursue the application made
before the Registrar, Cooperative Societies dated 1.9.2008 and the
Registrar, Cooperative Societies after giving opportunity of hearing
to the petitioner as well as the respondent No. 1 bank, shall
examine the aspect for enabling the respondent No. 1 bank to recover
the amount in accordance with law, after taking care of the interest
of all the parties in accordance with law.
The
aforesaid decision shall be taken preferably within a period of one
month from the receipt of the order of this Court. It is also stated
by respondent No. 1 bank that no action shall be taken until the
decision is taken by Registrar, Cooperative Societies and
communicated to the petitioner.
The
petition is disposed of accordingly. Direct service is
permitted.
(JAYANT PATEL, J.)
Suresh*
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