Orissa High Court has stayed an interim court order directing the management in-charge of Baripada Urban Cooperative Bank (BUCB) to disburse the money of the depositors, reports New Indian Express.
Earlier RBI had cancelled the cooperative bank’s license as its financial condition was not sound.
The bank had filed an interlocutory application (IA) requesting the Court to allow refund of money to the depositors during pendency of its main petition challenging the Central Government’s order rejecting its appeal against the RBI order.