CYRIL KOTIAN Vs. BHARAT COOPERATIVE BANK MUMBAI LTD
DEBTS RECOVERY APPELLATE TRIBUNAL
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Hemant T.Sampat, -
(1.) THIS is an Appeal under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act).
(2.) The appellants were the constituents of the respondent Bank, which is registered under the Multi-State Co-operative Societies Act, 1984.
The appellants were running a small scale industry which was financed by the respondent Bank. Despite adversities suffered in the business, the Unit of the appellants was sufficiently viable. On account of retirement of one of the partners from the appellant No. 2's firm, a sum of Rs. 7, 00, 000/- was required to be paid. Thereafter a proposal was put before the respondents for further additional credit which was not sanctioned by the respondents. Instead of granting the proposal, the respondents recalled the advances and then initiated proceedings before the Cooperative Court. On 9.11.2000, an Award came to be passed against the appellants. The appellants have preferred an appeal against the said Award which is pending.
(3.) IT is alleged by the appellants that the respondents had strangulated all the efforts and attempts of the appellants to revive and survive.;
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