Balakrishnan Nair, J.

The point that arises for decision in these Writ Appeals is whether the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the Securitization Act) are applicable to District Co-operative Banks and Urban Banks and whether those Banks can invoke those provisions to take over and sell the assets of the loanees, given by way of security. Writ Appeal No.2070/07 is treated as the main case. WA No.2070 of 2007

2. The appellants 1 and 2, who are husband and wife, availed a loan of Rs.5 lakhs from the Kottayam District Co-operative Bank. The third appellant, who is the mother of the first appellant, availed another loan of Rs.5 lakhs from the said Bank. Landed Property, having an extent of 1.052 hectares, belonging to the first appellant was given as security for the said loans. The loans were availed in October 2004 and as per the loan agreement, the repayment was to be completed by the end of 2009. Since the appellants defaulted, the Bank issued Ext.P2 notice dated 25.06.2006 under the Securitization Act. Simultaneously, the Bank moved the Arbitrator under Section 69 of the Kerala Co-operative Societies Act, for recovering the amount. Ext.P3 dated 14.09.2006 is the notice issued by the Arbitrator to the first appellant in the arbitration case filed against him. Subsequently, on 13.02.2007, the authorized officer of the Bank, the 4th respondent herein issued Ext.P4 notice under S.13(4) of the Securitization Act, intimating the take over of the secured asset. Thereupon, the first appellant filed Ext.P5 representation, praying for installment facility to pay the loan amount.

He undertook to pay Rs.50,000/- per month towards the loan account. Challenging Exts.P2 and P4, the Writ Petition was filed. He also claimed the facility to pay the loan amount @ Rs.15,000/-per month. One of the grounds taken in the Writ Petition was that the Recovery of Debts due to Banks and Financial Institutions Act, 1993, (for short, RDDB Act) will not be applicable to co-operative societies. In the statement of facts at paragraph 6, it is contended that the co-operative banks have no jurisdiction to invoke the provisions of the Recovery of Debts due to Banks and Financial Institutions Act, 1993. Though mention is made of the Securitization Act also, it is not specifically pleaded that the provisions of that Act are not applicable. The learned Single Judge disposed of the Writ Petition, giving installment facility for paying the amount due to the Bank. Feeling aggrieved by the said direction of the learned Single Judge, this Writ Appeal is filed. In the Appeal, the main ground taken is that the provisions of the Securitization Act are not applicable to Co-operative Banks. Reliance is placed on the decision of the Apex Court in Greater Bombay Co-operative Bank Ltd v. United Yarn Tex (Pvt) Ltd. (2007 (3) KLT 302), in support of the said submission.

WA Nos.2663, 2672, 2673 & 2674/07

3. The appellants in these appeals are persons, who have availed of loans from the Kaduthuruthy Urban Co-operative Bank limited, Kaduthuruthy, Kottayam. The said Bank invoked the provisions of the Securitization Act to take over the secured assets and to sell them by issuing public notification.

Thereupon, the loanees filed Writ Petition (C) Nos.27432, 27617, 27622 and 27626/07, challenging the very jurisdiction of the Bank to invoke the provisions of the Securitisation Act. All the Writ Petitions were disposed of by a common Judgment, giving some installment facility to the writ petitioners to clear the loan amount. Feeling aggrieved by the said Judgment and also pressing the ground that the Bank has no jurisdiction to invoke the provisions of the Securitisation Act, these Writ Appeals are filed.

4. We heard the learned Senior Counsel Shri.Mathai.M.Paikaday for the appellants in WA No.2070/07 and the learned counsel Shri.T.Ravikumar, for the appellants in th