Bombay High Court Allows Co-operative Spinning Mill to Operate Overdraft Account Despite RBI Restrictions on Co-operative Bank — Petitioner Held to be Operational Creditor Not at Par with Ordinary Depositors. The court held that RBI's blanket restrictions under Section 35A of the Banking Regulation Act, 1949 were unreasonable as applied to an operational creditor with an excellent track record.
23 Mar 2023The petitioner, Babasaheb Naik Kapus Utpadak Sahakari Soot Girni, a registered co-operative spinning mill, filed a writ petition challenging the restr...
