Pandurang Ganpati Chaugule vs Vishwasrao Patil Murgud Sahakari Bank ... on 5 May, 2020
Banks and Financial Institutions
are bound to take coercive action for the speedy recovery
of outstanding loans. Even judicial intervention for such
recovery is now statutorily minimized and banks
themselves do it on their own. The 2002 Act is made inter
alia with that object in mind. Cooperative Banks are
brought within the beneficial fold of this Act vide Apex
Court decision in PANDURANGA GANAPATI CHAUGULE vs.
VISHWSARAO PATIL MURUGUD SAHAKARI BANK LTD.,
(2020) 9 SCC 215. Therefore, the coercive proceedings of
loan recovery inevitably taken up by the Respondent-Bank
under the provisions of the Act, cannot be faltered, no
breach therein having been demonstrated.