New Delhi: The bank is afraid of elections in Punjab and their fears find expressions through Patiala Central Cooperative Bank Ltd which tells the Supreme Court on Monday that no farmers who return loans taken from the banks expected by the government will be in power after the polls .
Because it has become almost the norm for the parties to announce the pre-polling freebies, it is public sector banks, especially the stuttering cooperative bank, which suffers from a loan neglect scheme which has been routinely announced for more than two decades.
Advocate Sudhir Walia, appears for Patiala Central Cooperative Bank, said Punjab and Haryana High Court have been in January 2020 ordering the recovery of bets every day, which was sacked in 2005, with compensation for RS 20,000 along with interest of 6% per year from 2005 to date of payment to worker.
He said there were 12 similar cases delayed in HC, where daily bets were also fired.
However, Judge D Y Chandrachud and Surya Kant, however, insisted that there were no weaknesses in the HC command directed the recovery of the daily betting betting because the procedure stipulated in the 25F section of the Industrial Dispute Law had not been followed.
When the bench said it would enforce the direction to the bank for the recovery of the daily betting betting, which was engaged to as Peon in 1999, Walie said that the number of lumps was repaired instead of 6% interest per year, as a severe financial blow to the bank.
When the bench conveyed Lump Sum’s compensation from Rs 1 Lakh, Durga Dutt’s worker advisor said that it had to be far more because the person was fired in 2005 and faced difficulties for almost 17 years.
Walie said, “There are no farmers who return loans taken from cooperative banks in the hope that the next government (after elections) will release agricultural loans.
Additional financial burden, given the fact that there are 12 similar cases delayed in HC, through severe compensation will break The back of the cooperative bank.
“This argument surprisingly chords with benches, who told the workers’ advice except the bank survived, where he would get a job and compensation.
“If you enter liquidation, you won’t get anything,” said the court.
It upholds the HC command for the recovery of workers but directs the bank to pay Rs 1 lakh within two months to him as compensation for the period he is out of work.