DATTA NAGARI SAHAKARI PATSANSTHA Vs. TANWANI HOTELS

JUDGEMENT

(1.) By Writ Petition Nos. 435 of 2013, 438 of 2013, 440 of 2013, 2406 of 2013, 2407 of 2013, 2436 of 2013 and 2442 of 2013, Shri Datta Nagari Sahakari Patsanstha Maryadit (Chinchwad) has challenged various orders. By Writ Petition Nos. 4722 of 2017, 4965 of 2017, 1548 of 2017 and 3024 of 2017, M/s.Tanwani Hotels and other two borrowers have challenged various orders passed by the authority under the provisions of the Maharashtra Co-operative Societies Act, 1960 (for short the said MCS Act) read with Maharashtra Co-operative Societies Rules, 1961 (for short the said MCS Rules). By consent of parties, all the aforesaid writ petitions were heard together and are being disposed of by a common order. Some of the relevant facts for the purpose of deciding these petitions are as under :-

(2.) Shri Datta Nagari Sahakari Patsanstha Maryadeet (Chinchwad) is hereinafter referred to as the lender whereas the Tanwani Hotels Pvt. Ltd. and others are referred to as the borrowers in the later part of this judgment.

(3.) On or about 30th June, 1999, one of the borrower i.e. Tanwani Hotels Pvt. Ltd. who was a member of the lender applied for loan for a sum of Rs. 70 lacs and Rs.80 lacs respectively. On 30th June, 1999, the lender sanctioned the said loan on the condition that the borrower would pay compound interest at the rate of 19% per annum with six monthly rest insofar as loan amount of Rs.70 lacs is concerned and compound interest at the rate of 20% per annum with six monthly rest insofar as loan amount of Rs.80 lacs is concerned. The borrower agreed to repay the entire loan with interest as per the terms of the agreement on or before 29th June, 2002.