THOTTATIUL B. RADHAKRISHNAN, J. :- Are the Kerala State Co-operative Bank the District Co-operative Banks and the Urban Co-operative Banks entitled to invoke the provisions of the Central Act 54/2002 hereinafter referred to as the "SARFAESI Act"? This is the issue involved in these writ petitions.

2. Section 13(1) of the SARFAESI Act authorizes a secured creditor to enforce a security interest, without the intervention of the Court or Tribunal, in accordance with the provisions of that Act. The different clauses of Section 2(1), forming the interpretation clause of that Act are relevant in this context. Clause (zf) defines "security interest". Clause (zd) defines a "security creditor" to mean any bank or financial institution or any consortium or group of banks or financial institutions in whose favour security interest is created for due repayment, by any borrower, of any financial assistance and includes the different entities enumerated in sub-clauses (1) to (iii) thereof. Clause (c) defines a "bank" to mean among other things, going by sub-clause (v) such other bank which the Central Government may, by notification, specify for the purposes of the SARFAESI Act. The Co-operative Banks, the rights of which are dealt with in these writ petitions. can be banks for the purpose of the SARFAESI Act, only if they stand on the strength of notification in terms of Clause (c)(v).

3. The Central Government. through the Ministry of Finance and Company Affairs (Department of Economic Affairs) (Banking Division), have issued notification dated 281-2003. in exercise of powers conferred under item (v) of Clause (c) of sub-section (1) of Section 2 of the SARFAESI Act. Thereby. the Central Government specified "Co-operative Bank" as defined in Clause (cci) of Section 5 of the Banking Regulation Act. 1949, hereinafter referred to as the "BR Act" as "bank" for the purpose of the SARFAESI Act.

4. Section 56 of the BR Act provides the modifications for the application of that Act to co-operative societies. Among other things. it provides for the insertion of Clauses (cci), (ccv) and (ccvii) in Section 5 of the Act.

5. Clause (cci) in Section 5 of the BR Act defines a "Co-operative Bank" to mean a State Co-operative Bank. a Central Co-operative Bank and a Primary Co-operative Bank.

8. In Section 5 of the BR Act, Clause (ccvii) states, among other things, that "Central Co-operative Bank" and "State Co-operative Banks" shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981. for short, the "NABARD Act".

"State Co-operative Bank" and "Central Cooper re defined, respectively, in Clauses (u) and (d) in Section 2 of the NABARD Act. By those definitions. "State Co-operative Bank" means the Principal Cooperative Society in a State, the primary object of which is the financing of other Cooperative Societies in the State and the "Central Co-operative Bank" means the principal Co-operative Society in a district in a State, the primary object of which is the financing of other Co-operative Societies in that district.

7. The "State Co-operative Bank". as defined in Section 2(rb) of the Kerala Cooperative Societies Act, 1969, hereinafter referred to as the "KCS Act", means an apex Society having only District Co-operative Banks as Its members. "District Co-operative Bank", as defined in Clause (ta) of Section 2 of that Act, is a Central Society, the principal object of which is to raise funds to be lent to its members, with jurisdiction over one revenue district and having as its members any type of primary societies and Federal and Central Societies having headquarters in such district.

8. Therefore, the Kerala State Co-operative Bank is a "State Co-operative Bank" as defined in the NABARD Act 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 BR Act, falling within the notifi