Section 123 in The Maharashtra Co-Operative Societies Act, 1960
123. Mortgages [and other instruments] [These words were inserted by Maharashtra 5 of 1990, Section i0(c)(i).] not to be questioned on insolvency of mortgagors [or executants] [These words were inserted by Maharashtra 5 of 1990, Section 10(c)(ii).].
- Notwithstanding anything contained in the Presidency-Towns Insolvency Act, 1909 or the Provincial Insolvency Act, 1920 or any corresponding law for the time being in force, a mortgage, [or any other instruments supporting the loan] [These words were inserted by Maharashtra 5 of 1990, Section 10(a).] executed in favour of [a Co-operative Agriculture and Rural Multi-purpose Development Bank.] [These words were substituted for the words 'an Agriculture and Rural Development Bank', by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] shall, not be called in question in any insolvency proceedings on the ground that it was executed in order to give the Bank a preference over other creditors of the mortgagor [or of the executant of the instrument] [These words were inserted by Maharashtra 5 of 1990, Section 10(b).].
