Gujarat High Court Case Information System
Print
LPA/73920/2008 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
LETTERS
PATENT APPEAL No. 739 of 2008
In
SPECIAL CIVIL APPLICATION No. 8981 of 2008
With
CIVIL
APPLICATION No. 8633 of 2008
In
LETTERS PATENT APPEAL No. 739 of 2008
=========================================
SMITAL
LAND DEVELOPERS - Appellant(s)
Versus
ANYONYA
COOPERATIVE BANK LTD & 1 - Respondent(s)
=========================================
Appearance :
MR
NK MAJMUDAR for Appellant(s) : 1,
MR KM PARIKH for Respondent(s) :
1 - 2.
=========================================
CORAM
:
HONOURABLE
THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN
HONOURABLE
MR.JUSTICE AKIL KURESHI
Date
: 08/10/2008
ORAL
ORDER
(Per
: HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN)
The
petitioner preferred the writ
petition seeking a writ of mandamus directing the respondents not to
take further proceedings under the Securitisation and Reconstruction
of financial Assets and Enforcement of Security Interest Act, 2002
(for brevity `the Securitisation Act’) on the ground that the
provisions of the Securitisation Act cannot be invoked in case of a
co-operative bank.
The
issue is settled by the Apex Court in the case of Greater Bombay
Co-op. Bank Ltd. Vs. United Yarn Tex (P) Ltd. and others (2007) 6 SCC
236 that under Section 2(c)(v) of the Securitisation Act, a
co-operative bank is also covered by the provisions of the
Securitisation Act as specified by Notification dated 28.01.2003.
That
being the situation, the prayer sought by the petitioner cannot be
accepted.
Learned
counsel appearing for the co-operative Bank also submitted that if
the petitioner desires to take the benefit of one-time settlement
scheme, he can make a proposal on or before 31.10.2008. Accordingly,
we direct the respondents that if a proposal comes from the
petitioner for a one-time settlement on or before 31.10.2008, the
same may be considered by the authorities in accordance with law and
whatever amount deposited by the petitioner be given credit to the
petitioner by the Co-operative Bank.
With
the aforesaid observation, the Letters Patent Appeal and the Civil
Application stand disposed of. Interim relief, if any, stands
vacated. Notice is discharged.
(K.S.
RADHAKRISHNAN, C.J.)
(AKIL
KURESHI, J.)
[sn
devu] pps
Top