In a significant judgement, the Bombay High Court has concluded that co-operative banks can resort to debt recovery tribunals (DRTs) for expeditious adjudication and recovery of debts.
The court held that once co-operative banks have been brought under the control, regulation and supervision of the Reserve Bank of India such banks must be made amenable to the tribunals constituted under Recovery of Debts due to Banks and Financial Institutions Act, 1993 (in short Act of 1993).
