Disposed
Sandeep B. Umralkar and Another v. the Manager Co-Operative Bank Limited and 9 Others
Bombay HCNMW/76/2009
Case brief
AI extract
What is this about?
The Court held that a letter dated 20 December 2008 from the financial institution constitutes taking formal possession. Consequently, the petitioners were granted a one-week period to maintain status quo, allowing them to approach the Recovery Tribunal thereafter.
What did the court decide?
Petitioners granted one week to maintain status quo; liberty granted to move Recovery Tribunal within two weeks.