No proceeds under SARFAESI Act after rejection of claim under Co-operative Act: DRAT Mumbai

Perfect Foundation & Construction Company Vs Saraswat Co-operative Bank Ltd (DRAT Mumbai) DRAT Allahabad held that initiation of proceeding under SARFAESI Act for the same debt due after rejection of claim under Co-operative Societies Act is not justifiable. Accordingly, the present appeal is allowed. Facts- This appeal is filed under section 18 of the SARFAESI Act, 2002. The main ground taken by the Appellants in the TSA is that the very initiation of proceedings under the SARFAESI Act, issuance of Demand Notice followed by other measures are clearly barred under the law of limitation. Re...