SHRI.VIJAY VITTHAL MALWADE Vs. RECOVERY OFFICER

JUDGEMENT

(1.) This is fourth round of litigation between the parties before this Court, arising out of a dispute stemming from grant of a vehicle loan of Rs.1,15,000.00 by the respondent No.2 to the petitioner No.1 in the year 2000.

(2.) On 3/3/2000 the petitioner No.1 was granted a vehicle loan of Rs.1,15,000.00 by the respondent No.2-bank on the hypothcation of a Tempo Trax vehicle bearing No.MH-09-G-2009. The petitioner No.2 was one of the guarantors to the said loan. According to the petitioners the loan amount was regularly repaid by installments and till 7/2/2003 an amount of Rs.1,10,000.00 has been repaid towards the loan amount.

(3.) On 24/2/2003 the respondent No.2 applied for a grant of recovery certificate against the petitioners under Sec. 101 of the Maharashtra Co-operative Societies Act, 1960 ('Act' for short) before the Assistant Registrar of Co-operative Societies, Kolhapur. According to the petitioners they were not aware of the filing of any such application. Be that as it may, the Assistant Registrar issued a recovery certificate on 27 th March 2003 for recovery of an amount of Rs.1,45,992.00.