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Circular Regarding Filing of Timely Arbitration cases under section 60

Office of The Registrar
Cooperative Societies Govt. of NCT of Delhi
Old Court’s Building, Parliament Street, New Delhi-1


NO. JR/R/2001/RCS/6808 Date : 31-10-2001


Circular

It has been noticed that the Cooperative banks and Thrift & Credit Societies are very liberal in Sanctioning the loans to their respective members without going into the following aspect:-

1. Status of member.
2. Repaying capacity.
3. Without monitoring the non-payment by the loanee
4. Sanction of loan to woman member without obtaining queries from the competent members.

Beside above, while filling the cases for execution, latest addresses of the member are not verified and simultaneously provided. These cases are generally filed after a considerable time after the default in the prescribed monthly installments. It is needless to remind here that cases u/s 60 should be filled immediately after three consequent default payment of loan amount. In this way, banking institute not only put burden on the recovery branch but also increase there N.P.A which is necessary for health banking systems. In the absence of proper and latest addresses of the Judgement Debtors, a number of cases are lying pending in the branch of recovery. It is also been notices that these institutions have never provided latest addresses inspite of the knowledge of such cases.

To avoid these discrepancies, it has been decided to impresses upon these institutions to be remained vigilant and careful while sanctioning the loan to the member and proper safe guards should be adopted to avoid losses to the institutions. To expedite the pending cases, all the degree holders are once again advised to provide latest addresses of the Judgement Debtors to the recovery branch failing which ii will be presumed that the Decree holder are not interested for finalization of there cases which will be kept in abeyance in future and responsibilities will be fixed against the default Decree Holder. These institution are further directed to :-

a) Keep a tab on the movement of the loanee who frequently changes their residential addresses.
b) File cases u/r 60 immediately after the three default of payment loan.
c) Provide latest addresses while filling the cases for execution u/r 60 of DCS Act,1972.
d) Banking & Arbitration Branches are being advised to expedite the pending cases.

Since, these instruction are in best interest of the banking institutions, therefore, will come into force with immediate effect.

Sd-
(Krishan Kumar)
Joint Registrar(Rec.)


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Last Updated : 23 Mar,2014