Ahmedabad: The Gujarat high court has denied the usage of ‘Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act-2002’ by co-operative banks to seize the property in a move to recover the loans. A co-op bank deals with retail and commercial properties. The decision is made while hearing the petition filed by few retail companies. And the major point in stopping this seizure of property by the co-op is that it violates the Banking Regulation Act-1949.The counsel said that such powers are vested only in the nationalized banks and co-op’s cannot issue notice like the nationalized banks. The method that can be used by the co-operative banks to recover the pending loans can be only by the intervention of the court of Board of Nominees.The Cooperative Banks Federation had said that they have various provisions for the recovery of debts under the Gujarat Cooperative Societies Act-1961, yet they will challenge the verdict as seizure of property is the most powerful tool of recovery.According to the court, co-op societies don’t possess those power but only banking companies. Thus commercial and retail properties cannot be taken over by these societies for loan recovery.займ на карту без отказов круглосуточновзять кредит онлайн