recent judgment of DRAT Mumbai on applicability od Securatisation Act to Co-operative Banks

[vijay]

Hon'ble Sir,

1) On 10th of July 2007 surprisingly Hon'ble DRAT Mumbai was pleased
to held which matter was from Nagpur of Shikshak Sahakari Bank that
relying upon Supreme Court in Greater Bombay Bank Case that Co-
operative Banks are not banks within meaning of Banking Regulation Act
and therefore Co-operative Banks can't recourse to Securatisation Act.
All the co-operative Banks are scared upon this decision . The Hon'ble
Judge has however called back the judgment and is rehearing the
parties on 16th and 20 th of this month

2) I think the Government of India is not willing to continue DRTs
from the fact that they are appointing POs to various DRTs . In
Maharashtra out of 6 DRTs 4 are vacant

thanking you
yours faithfully

Adv Vijay V. Chandavale