RAMESHWAR Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard. Rule. The Rule is made returnable forthwith. The learned AGP waives service for the respondent No.1. The learned advocate Mr. Thombre waives service for respondent No.2.

(2.) The petitioners are taking exception to the order passed by the District Deputy Registrar fixing upset price for their properties sought to be sold pursuant to a recovery certificate issued in favour of the respondent No.2 under Section 101 of the Maharashtra Cooperative Societies Act, 1961 and the rules framed thereunder (hereinafter the Acts and the Rules). They are also aggrieved by rejection of their revision by the respondent No.1 preferred under Section 154 of the Act.

(3.) The learned advocate Mr. Kedar for the petitioners submits that an amount of Rs.5,25,577/- was due from the petitioners. By misusing the cheques tendered as a security for repayment of the loan, the respondent No.2 Society has also prosecuted the petitioners under Section 138 of the Negotiable Instruments Act and simultaneously proceeded to obtain the recovery certificate. He would submit that the whole process that has been undertaken for fixing upset price is flawed and biased. Though the lands of the petitioners are irrigated one and a canal passes through it, valuation has been done treating those to be dry lands. The market value of the lands is at least 200% more than the upset price. A land in the vicinity of the petitioners land has been acquired by the Government and a huge compensation of more than Rs.3 crore has been awarded for a 19 Are portion. Even there is a sale deed in respect of the agricultural land from the same village which has been sold for an amount of Rs.10 lakh for one Acre. The petitioners had tendered their own valuation duly certified by an approved valuer certifying the valuation to be more than Rs.37 lakhs. The Government Valuer whose report has been referred to has also valued the petitioners properties at more than Rs.19 lakhs. There is absolutely no reason assigned by the authorities for fixing the upset price less than such valuation certificate of Mr. N.G. Karkhane. Without their being sufficient and cogent material and overlooking the material that was placed by the petitioners before them, the upset price has been fixed at a grossly low rate of barely Rs.15 lakhs and odd. The orders are perverse and arbitrary and may be quashed and set aside.