: 1 : IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CIVIL APPELLATE JURISDICTION CIVIL APPELLATE JURISDICTION WRIT PETITION NO.1582 OF 2007 WRIT PETITION NO.1582 OF 2007 WRIT PETITION NO.1582 OF 2007 M/s.Maruti Developers & Ors. .. Petitioners. Versus The Mahanagar Co.Op. Bank Ltd. & Ors. .. Respondents. Mr.C.M.Korde with Mr.Milind Jadhav i/b.Ms.Smruti M.Unde for the petitioners. Mr.S.K.Lanke for respondent No.1. Mr.Kunal Damle i/b.Udwadia & Udeshi for respondent No.2. Mr.V.S.Masurkar, A.G.P. for respondent No.3. CORAM : D.K. DESHMUKH & CORAM : D.K. DESHMUKH & CORAM : D.K. DESHMUKH & R.Y. GANOO, JJ. R.Y. GANOO, JJ. R.Y. GANOO, JJ. DATE : 24th June, 2008. DATE : 24th June, 2008. DATE : 24th June, 2008. P.C.: P.C.: P.C.: 1. The petitioner has approached this Court seeking a declaration that the petitioners do not owe any amount to respondent No.1 Bank in excess of amount mentioned in the prayer clause because, according to the petitioners, that is the amount which is payable to the Bank in view of the guide-lines issued by the Reserve Bank of India. If the guide-lines issued by the Reserve Bank of India and the order passed by the Registrar of Co-operative Societies, create any right in favour of the petitioners which is enforceable by the petitioners against the Bank, then, the proper forum for the petitioners is to raise those contentions in the proceedings which are pending for a recovery certificate / decree against the petitioners, initiated by the Bank. This petition cannot be : 2 : entertained while the matter is pending before the competent authority. 2. After having heard learned Counsel for the petitioner, we find that the guide-lines issued by the R.B.I. are enabling provisions which enable the Bank and the authority to arrive at settlement of a loan at some lesser amount than the one which is payable as per the agreement. It will not create per se any right in a person, who has committed default in payment of loan, specially, a person who had a relative sitting in the Board of Directors and used his power for securing loan and then committed default in paying the loan. 3. In our opinion, taking overall view of the matter, therefore, entertaining this petition will not be in the interest of justice. Hence the petition is rejected. (D.K. DESHMUKH, J.) (D.K. DESHMUKH, J.) (D.K. DESHMUKH, J.) (R.Y. GANOO, J.) (R.Y. GANOO, J.) (R.Y. GANOO, J.)