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Chandrakant Jaysingh Supekar vs The Karad Janata Sahakari Bank Ltd. ... on 9 September, 2016

Bench: Dipak Misra, C. Nagappan

     SLP CC 15816/16
                                                         1

     ITEM NO.32                               COURT NO.4                     SECTION IX

                                  S U P R E M E C O U R T O F          I N D I A
                                          RECORD OF PROCEEDINGS

     Petition(s) for Special Leave to Appeal (C)......CC 15816/2016

     (Arising out of impugned final judgment and order dated 25/02/2016
     in WP No. 7292/2013 passed by the High Court of Bombay)

     CHANDRAKANT JAYSINGH SUPEKAR AND ORS                                     Petitioner(s)

                                                        VERSUS

     THE KARAD JANTA SAHAKARI BANK LTD KARAD AND ANR                          Respondent(s)

     (With appln. (s) for c/delay in filing SLP and office report)


     Date : 09/09/2016 This petition was called on for hearing today.

     CORAM :
                                 HON'BLE MR. JUSTICE DIPAK MISRA
                                 HON'BLE MR. JUSTICE C. NAGAPPAN


     For Petitioner(s)                 Mr.   A.P. Mayee, Adv.
                                       Mr.   Atul Babasaheb Dakh, AOR
                                       Mr.   A. Selvin Raju, Adv.
                                       Mr.   Raja Singh, Adv.

     For Respondent(s)                 Mr. Arvind Kumar, Adv.
                                       Mr. C.S. Chauhan, Adv.
                                       Mr. Prasad Dhapare, Adv.
                                       Mrs. V.S. Lakshmi, Adv.
                                       Mr. A. Venayagam Balan, AOR


                             UPON hearing the counsel the Court made the following
                                                O R D E R

Delay condoned.

Issue notice.

As the respondent-Bank has entered appearance, 12:29:34 IST service of notice to the said respondent stands dispensed Reason:

with. As far as the respondent No.2, the adjudicating authority is concerned, no notice need be issued.

We have been apprised at the Bar that similar matters have been referred to a larger Bench and certain interim orders have been passed.

Regard being had to the interim orders passed, we direct that the petitioner shall deposit with the Bank 50% of the amount in two installments within four months from 30th September, 2016. The first installment shall be paid by 30th November, 2016, and the second installment by 30th January, 2017. We have specifically given the dates as no adjournment shall be sought by the petitioner.

Be it stated, the question that emerges for consideration is whether a co-operative Bank will be covered under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI Act). That being the sole question, needless to state, it will be open to the respondent-Bank to take appropriate steps for recovery of rest of the amount, as advised in law. The quantification of 50% that is due to the respondent-Bank, shall be communicated to the petitioner, as well as to the counsel, within a week hence.

               (Chetan Kumar)                                    (H.S. Parasher)
                Court Master                                       Court Master