JANAKALYAN SAHAKARI BANK LIMITED Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) By the present writ petition under Article 227 of the Constitution of India, the petitioner-Bank challenges legality and validity of the Judgment and Order dated 21 January 2025 passed by the Divisional Joint Registrar, Cooperative Societies-2, Mumbai in Revision Application No.190 of 2024 filed by respondent Nos.4 and 5 setting aside order dated 18 May 2024 passed by the Special Recovery Officer in exercise of powers under Rule 107(19) of the Maharashtra Cooperative Societies Rules, 1961 ("MCS Rules").

(2.) This writ petition is filed under Article 227 of the Constitution of India. The petitioner-Bank challenges the legality and correctness of the Judgment and Order dated 21 January 2025 passed by the Divisional Joint Registrar, Cooperative Societies-2, Mumbai in Revision Application No. 190 of 2024 filed by respondent Nos. 4 and 5. By the said judgment, the Revisional Authority set aside the order dated 18 May 2024 passed by the Special Recovery Officer under Rule 107(19) of the Maharashtra Cooperative Societies Rules, 1961.

(3.) The facts giving rise to the petition are these. On 18 October 2011, respondent Nos. 4 and 5 executed a registered Development Agreement with respondent No. 6 for a total consideration of Rs. 1,13,00,000 to be paid in the manner prescribed in clause 11 of the agreement. Clause 12 of the agreement conferred on respondent Nos. 4 and 5 (developers) the right to sell and dispose of the units, tenements, and other components of the proposed development on such terms, conditions, and prices as they deemed fit. The developers were authorized to execute all necessary documents for the sale and to receive and retain the consideration as their own. Clause 13 granted to the developers an irrevocable licence of ingress, egress, and regress to the property for carrying out development work as agreed.