AIR 2008 KERALA 91 ::2008 (3) All LJ NOC 644 ::2008 (3) ALJ 644 ::2008 (3) AIR Kar R 464 ::2008 (2) BankCLR 587 ::(2008) 3 BankCas 626 ::(2008) 1 Ker LT 521 ::ILR(ker) 2008 (1) KER 294

Kerala High Court

Hon'ble Judge(s): Thottathil B. Radhakrishnan , J

(A) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (54 of 2002) , S.13, S.2(c)(v)— Kerala Co-operative Societies Act (21 of 1969) , S.80— Banking Regulation Act (10 of 1949) , S.5(cci)— Enforcement of security interest - Co-operative Banks are entitled to invoke provisions of Securitisation Act. Kerala State Co-operative Bank is a "State Co-operative Bank" as defined in the National Bank for Agriculture and Rural Development Act, 1981 and the District Co-operative Banks are "Central Co-operative Banks" as defined in that Act. Hence, they are "Co-operative Banks" as defined in Section 5(cci) of the Banking Regulation Act, (BR) falling within the notification dated 28-1-2003, issued under the SARFAESI Act. The Urban Co-operative Banks are Primary Co-operative Banks as defined in Clause (ccv) in Section 5 of the BR Act and hence, co-operative Banks as defined in Section 5(cci) of that Act. The Urban Co-operative Banks also, therefore, fall within the impugned notification. On the strength of Section 80(1) of the KCS Act and Rule 182 of the Kerala Co-operative Societies Rules, 1969, the societies in the State of Kerala are classified, according to their type and financial position, as shown in Appendix III to KCS Rules. Such statutory classification, according to the type of the society, is, by itself, conclusive m....