Supreme Court stays further action under SARFEASI Act in respect of Co-operative Bank cases in DRTs
- Friday, May 20, 2011, 12:44
- Corporate Law
- Judiciary
Mr. Bharat Gandhi, Advocate, Mumbai has informed us that in respect of the parties whose cases are pending in DRTs, if one approaches the Supreme Court under Article 32 of the Constitution, the Supreme Court is issuing ex-parte stay orders restraining further action under the SARFEASI Act. The matters are tagged with the case of Khaja Industries in respect of which the vires of notification has been challenged, issued by the Central Govt in 2003, by which the co-operatives banks are invoking provision of SARFEASI Act. Mr. Bharat Gandhi has obtained such stays in few cases recently.
Our View- PIL may be filed in Supreme Court requesting issue of general order to save time and cost in individual cases. In fact the whole matter of Co-operative Banks is under consideration with the Supreme Court and the Govt. for several years and hence why the individual parties should be burdened with additional time and cost in obtaining such stays. Till such PIL is filed and order obtained, one has to continue to approach the SC for individual cases.
Attached: Stay Order dated 12.05.2011
Daya Builders and Ors. Vs Union Bank of India
Compiled by :- Narendra Sharma, Consultant (Legal), E-mail: nkdewas@yahoo.co.in
NOTE: The above information has been reproduced, with permission, from DRT Solutions Weekly Mail – 158th Issue dated 20th May’11 (Web site – www.drtsolutions.com).
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NOTE: This information has been reproduced, with permission, from DRT Solutions Weekly Mail – 158th Issue dated 20th May’11 (Web site – www. drtsolutions.com ). Anyone interested may receive such information direct in his inbox by sending a request to E-mail-ramkishan@drtsolutions.com and/or ramkishandrt@gmail.com
THIS IS VERY USEFUL SUGGESTION.KINDLY REQUEST THE APEX BODY OF URBAN BANKS=NAFCUB NEWDELHI=.THEY CAN TAKE THE LEAD IN FILING THE PIL IN THIS BEHALF.THEIR E-MAIL ADDRESSIS AS UNDER.
coop@nafcub.org
As desired, a REQUEST has been sent to THE APEX BODY OF URBAN BANKS=NAFCUB NEW DELHI=to TAKE THE LEAD IN FILING THE PIL IN THIS BEHALF.
MULTI-STATE BANK’S ACTION UNDER SARFAESI ACT AGAINST ME AND IT IS CHALLENGED IN DRT-III MUMBAI BUT DIDN’T GET THE STAY AS MULTI-STATE BANK CAN TAKE THE ACTION UNDER SARFAESI ACT.
WHAT TO DO ? BECAUSE AUCTION WILL BE HELD ON 2ND JUNE 2011.
PLEASE REPLY SOON
I request you to please provide any development occur regarding “SARFEASI ACT” TO CO-OPERATIVE BANK and “STAY” received by some party from Supreme Court
My case is with DRT and as I learnt that Mr. Bharat Gandhi able to obtain stay by tagging the application with M/s. khaja industries. As I read trail communication that PIL is trying to filed to get general order for stay for all individual, please advice what shoud I do? Shall I also go to supreme court or wait for PIL to get order.
Please advice.
Contact details of Mr. Bharat Gandhi, Advocate, Mumbai
M – 09821099056
E-mail – advocate_blgandhi@hotmail.com
Dear Sir,
I shall be attending the hearing of the tagged appeals/petitions (Khaja Industries, et al) which are slated for disposal on 20.7.2011. I have also filed two separate writ petitions on similar issue.
Please wait for the update.
Rabin Majumder
Advocate-on-Record
Supreme Court of India
New Delhi