Bombay High Court
Samata Sahakari Bank Thevidar Kruti ... vs State Of Maharashtra, Thr. Its ... on 21 October, 2018
Author: S.M.Modak
Bench: B.P. Dharmadhikari, S.M.Modak
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
NAGPUR BENCH, NAGPUR.
WRIT PETITION NO. 5632 OF 2018
Samata Sahakari Bank Thevidar Kruti Samiti through its Co-ordinator Shri.Dattatraya
Vishnu Rane
-Vs.-
The State of Maharashtra through its Secretary, Department of cooperation and Marketing
Maharashtra Mantralaya, Mumbai and ors.
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Office notes, Office Memoranda of
Coram, appearances, Court's orders Court's or Judge's Orders.
or directions and Registrar's orders.
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Mr. S.P.Bhandarkar, counsel for the petitioner.
Mr . R.K.Thakkar, counsel for respondent no.4.
Mr.A.M.Kadukar, AGP for respondent nos.1 to 3
CORAM : B.P. DHARMADHIKARI &
S.M.MODAK, JJ.
DATE : 25.10.2018.
1. Learned advocate Mr.Thakkar, appears for present liquidator Shri.Jatap and respondent no.4 has tendered reply/affidavit.
2. Grievance of petitioner is, liquidator Shri. Wankhade substituted by Shri.Jagtap did not work efficiently and it is resulted in loss of valuable time. They submit that Shri. Wankhade succeeded one Shri. Nasare and Shri.Nasare was working most satisfactorily.
3. It appears that recoveries effected by Shri.Nasare to the tune of Rs. 43 crores roughly are already accounted for. Shri. Wankhade has not effected any recovery. He could recover only Rs. 60,000/- in about Kavita ::: Uploaded on - 26/10/2018 ::: Downloaded on - 26/10/2018 23:56:46 ::: 9-wp-5632-18.odt 2/3 three months.
4. Shri. Jagtap is stated to be responsible superior Officer. Petitioner points out that liquidation proceeding needs to be completed within 10 years and at the most extension of one year is allowed. After eleven years the liquidation proceedings lapse.
5. As of today period of about eight and half years is already over. Shri.Jagtap therefore, has to complete the remaining proceedings within one and half year.
6. Petitioner has every doubt about bonafides of respondents in the matter. Learned advocate Mr. Bhandarkar, upon instructions submits that as of now roughly amount of Rs.110 crores is still to be paid to depositors.
7. In this writ petition Court has issued notice on 4th September 2018 and restrained Shri.Wankhade from taking any major policy or financial decision. Shri. Wankhade was then the liquidator on bank.
8. Though respondent nos.1 to 3 are aware of these developments and statutory provisions, they have not filed any reply in the matter.
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9. We, therefor, grant them time till 26th November 2018 as last chance. If reply is not filed, they shall deposit Rs.110 crores with the Registry of this Court.
10. List on 26th November 2018.
11. Steno copy be supplied to the parties.
JUDGE JUDGE
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