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2002 (3) TMI 825 - SUPREME COURT
Whether the Parliament has the competence to enact a law for establishing such the Banking Tribunals?
Held that:- Now an appellate forum has been provided against any orders of the recovery officer which may not be in accordance with law. There is, therefore, sufficient safeguard which has been provided in the event of the recovery officer acting in an arbitrary or an unreasonable manner. The provisions of sections 25 and 28 are, therefore, not bad in law.
For the aforesaid reasons, while allowing the appeals of the Union of India and the Banks, it is held that the Act is a valid piece of legislation. As a result thereof, the writ petitions or appeals filed by various parties challenging the validity of the said Act or some of the provisions thereof, are dismissed. It would be open to the parties to raise other contentions on the merits of their cases before the authority constituted under the Act and, only thereafter, should a High Court entertain a petition under article 226 and/or 227 of the Constitution. Transferred Cases stand disposed of accordingly. Parties to bear their own costs.