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The Petitioner is a Company incorporated under the provisions of Companies Act, 1956 and engaged in the business of development of land and construction activities. On 9 July 2012, the Respondent Bank had issued notice to the Petitioner for recovery of an amount of Rs.5,12,76,485.43/- along with interest and directed to deposit the said amount with the bank within a period of 8 days and in failure of which, they will initiate proceeding against the Petitioner under Section 101 of the Maharashtra Co-operative Societies Act, 1960 (for short, "the MCS Act"). By the said notice, the amount claimed by the Respondents was stated to be fictitious and on the contrary, as aforesaid the Petitioner stand to receive the above two amounts i.e. Rs.54,61,206/- towards maintenance and water supply ssm 3 12-wp9309.13.sxw charges and Rs.2,23,00,690/- towards refund of long standing claim from the Respondents. The total comes to Rs.2,77,61,896/-. On 12 September 2012, the Petitioner filed a dispute bearing No.263 of 2012 under Section 91 of the MCS Act and thereby, challenged notice dated 9 July 2012. On the same day, the Co-operative Court, after hearing and going through the record granted ad-interim relief and stayed the execution of notice dated 9 July 2012, till the filing of the reply. 



    8                 The   learned   counsel   appearing   for   the   Petitioner   has 




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pointed out a Division Bench Judgment of this Court, (Top Ten, A partnership Firm & Anr. Vs. State of Maharashtra & Ors. 1) referring to Section 91 and Section 101 of the MCS Act readwith Rules of the Maharashtra Co-operative Societies Rules, 1961. The relevant paragraphs are as under:-