Bombay High Court
Shri. Rajendra Ganpati Patil And Anr vs The Karad Janta Sahakari Bank Through ... on 29 October, 2018
Author: Nitin W. Sambre
Bench: R. M. Savant, Nitin W. Sambre
11.PIL.131.17.odt
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION
PUBLIC INTEREST LITIGATION NO. 131 OF 2017
WITH
CIVIL APPLICATION NO. 122 OF 2017
Rajendra Ganpati Patil & Anr. ... Petitioners
Versus
The Karad Janta Sahakari Bank & Ors. ... Respondents
Mr. A. B. Bobe a/w H. G. Khambete for Petitioners.
Mr. Amit D. Sale for Applicant/Intervenor in Civil Application No. 122 of
2017.
Mr. D. B. Shinde for Respondent No.1.
Mrs. R. M. Shinde, AGP for Respondent - State.
Ms. Aditi Phatale I/by Udwadia & Co. for Respondent No.29.
CORAM : R. M. SAVANT AND
NITIN W. SAMBRE, JJ.
DATE : 29th OCTOBER 2018.
P.C.
. The order of the Reserve Bank of India imposing restrictions
on the management of the Karad Janta Sahakari Bank Limited, we are informed, are to come to an end on 8 th November 2018. The Petition is moved on an urgent basis on the said ground. By the said orders, a moratorium has been imposed on the management of the Karad Janta John Doe Digitally signed by John Doe Date: 2018.11.01 11:50:13 +0530 Yadav VG 1/2
11.PIL.131.17.odt Sahakari Bank Limited in respect of the operations of the Bank which have been issued under Section 35A of the Banking Regulation Act, 1949.
2. The learned Counsel appearing for the Reserve Bank of India is not in a position to make any statement in the absence of instructions from the concerned officials of the Reserve Bank of India.
3. Having regard to the fact that the NPS of the said Karad Janta Sahakari Bank were such that required the interdiction of the Reserve Bank of India under Section 35A, we do not feel the necessity at this stage to issue any directions in view of the fact that the moratorium fixed by the Reserve Bank of India is in force till 8th November 2018.
4. In the event, the moratorium is not continued by the Reserve Bank of India, then liberty to the Petitioners to seek urgent hearing. List the Petition on 3rd December 2018. In case of urgency liberty as above.
(NITIN W. SAMBRE, J.) (R. M. SAVANT, J.)
Yadav VG 2/2