GREATER BOMBAY CO OP BANK Vs. SATGURU CONSTRUCTION

JUDGEMENT

(1.) The Recovery Certificate of the Assistant Registrar, cooperative Societies, Government of Maharashtra, Mumbai has been issued on 23rd August, 2000 under Section 101 of Maharashtra Cooperative Societies act, 1960 against the Respondents shown therein. Those are the same Respondents in this Notice. The amount to be recovered under the certificate was Rs. 80,00,700/in the year 2000. It has since gone beyond Rs. 124 Lakhs.

(2.) The Recovery Certificate recites that the Assistant Registrar was satisfied that the respondents have taken loan from the applicants which has become overdue because it was not fully repaid and passes an order against each of the three above named Re-spondents to pay the Applicants jointly and severally the aforesaid sum. It is further ordered that the said amount would be deemed to be arrears of land revenue under the provisions of Maharashtra Land Revenue Code, 1966. It sets out that the amount would be first recovered from the borrower and if that was not possible (since the liability of the guarantor was coextensive with that of the principal debtor) from the guarantor. It specifies that these amounts are recoverable under Section 156 of the Maharashtra cooperative Societies Act, 1960 and Rules 107 of Maharashtra Cooperative Societies rules, 1961.

(3.) After the issue of the Recovery Certificate the Applicants/plaintiffs/recovery Certificate Holders issued a Proclamation of Sale notice upon the Respondents on 2nd November, 2001 in execution of the Recovery Certificate for proclamation of sale of their mortgaged/attached immovable property/land admeasuring 259 acres at Kalhar and Kasheli village on Thane Bhiwandi Road, Taluka: bhiwandi, District: Thane.