ASHA MILIND SONAWANE Vs. SPECIAL RECOVERY OFFICER

JUDGEMENT

(1.) Heard the learned Counsel for the parties.

(2.) The Petitioner sought to question the auction sale conducted by Respondent Nos. 1 and 2 -Bank in respect of the subject property which is an agricultural land. The Petitioner was a guarantor for the loan availed by one M/s. Mhatoba Jogeshwari Sheti Bhandar, the borrower, and had mortgaged the land admeasuring 1H 3R. An order was passed by the Deputy Registrar Co-operative Society under Sec. 101 of the Maharashtra Co-operative Societies Act, 1960 (the Act of 1960) for recovery of Rs.64,89,253.00 and Rs.56,60,738.00. Thereafter, the recovery certificate was issued and Respondent Nos. 1 and 2-Bank proceeded to recover the dues by putting the property for auction. The property was sold on 22/2/2023. The Petitioner deposited an amount of Rs.5,00,000.00 on 27/2/2023 and Rs.7,50,000.00 on 23/3/2023. Based on these payments, the Petitioner questions the auction proceedings contended that after paying these amounts, which are 5 percent of the purchase money, the Petitioner is entitled to the protection under Rule 107 (13) of the Maharashtra Co-operative Societies Rules. 1961 (the Rules of 1961).

(3.) It is the contention of the Petitioner that having paid 5 percent of the purchase money, the Petitioner should have been given an opportunity to pay arrears and the Petitioner is ready to deposit the arrears even as on today. The learned Counsel for Respondent Nos. 1 and 2 -Bank states that the auction sale is already concluded and nothing prevented the Petitioner from making the balance payment.