GOVINDRAO SHANKARRAO GAIKWAD Vs. GANESH CO-OPERATIVE BANK

JUDGEMENT

(1.) These writ petitions have been placed before us to answer a reference made by learned Single Judge of this Court (Hon'ble R. V. More, J. as he then was) in Writ Petition No. 4118 of 2024, by order dtd. 28/4/2014. The reference arose upon the learned Single Judge noticing an irreconcilable conflict between the views expressed in the judgments of co-ordinate Benches of this Court viz. Order dtd. 3/10/2003 in Greater Bombay Co-operative Bank Ltd. v. Dhillon P. Shah, 2004 (1) Mh.L.J. 996 (Hon'ble A. M. Khanwilkar, J. as he then was) and Order dtd. 16/3/2005 in Pravin Yashwant Dhanawade v. Jawali Sahakari Bank Ltd., Writ Petition No. 810 of 2005 (Hon'ble B. H. Marlapalle, J. as he then was).

(2.) The issue framed for reference is as follows:

(3.) The learned Single Judge was of the opinion that there are conflicting decisions in respect of deposit of 50% of the recoverable dues under the Recovery Certificate for entertaining a Revision Application against an Order challenging a derivative action pursuant to the grant of Recovery Certificate as contemplated under Sec. 101 of the Maharashtra Cooperative Societies Act, 1960 ("MCS Act", for short).