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S.K.GANGELE, S.K.PALO
Nagrik Sahkari Bank Maryadit – Appellant
Versus
State of M. P. – Respondent
S.K. Gangele, J.
1. The question for consideration in this Writ Appeal before this court is that whether in view of Section 35 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the "SARFAESI Act"), the Registrar can entertain a dispute under Section 64 of M.P. Co-operative Societies Act, 1960 (hereinafter referred to the "Act of 1960") in regard to recovery of loan advanced to a member by the Cooperative Bank.
2. The appellant, a Co-operative Bank registered under the provisions of the Act of 1960, granted facility of over draft to the respondent No. 3. Subsequently, the account was transferred as cash credit account. The respondent No. 3 did not pay the amount as received by him from the appellant bank as cash credit, hence, the appellant bank initiated proceeding under the provisions of the SARFAESI Act. A notice under Section 13(2)of the SARFAESI Act was issued to the respondent No. 3. Respondent No. 3 filed a dispute before the nominee of the Registrar i.e. Joint Registrar, under Section 64 of the Act of 1960 and challenged the action of the appellant bank. Respondent No. 3 also filed a
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