Mgn CONTINUATION SHEET No. IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE SIDE WRIT PETITION NO.9660 OF 2009 Karad Merchant Sahakari Credit Sanstha Maryadit ..Petitioners Vs. Reserve Bank of India & Ors. ..Respondents ----------------------------------------------------------------------- Office Notes, Office : Memoranda of Coram, : Court's or Judge's orders appearances,Court 's : orders or directions & : Registrar s orders . : ----------------------------------------------------------------------- Mr. T.D. Deshmukh, for the petitioner. CORAM : F.I.REBELLO AND J.H.BHATIA,JJ. DATED : 30th November, 2009. P.C.: The petitioner was a member of the society in liquidation. The society was liquidated pursuant to the R.B.I., taking steps. That order of liquidation came to be passed on February 2, 2009. The society itself did not challenge the said order. 2. It is the case of the petitioner who is a member that on account of the failure to appoint an Administrator the order came to be passed for winding up of the society. The order of appointing liquidator is passed by the Registrar pursuant to the directions issued by the R.B.I., which power is conferred on the R.B.I., under the Banking Regulation Act. The direction issued is binding upon the Registrar. Such step is only taken after examining the finance of the bank. The fact that there is no possibility of the bank being revived and the depositors will lose the money is no answer. All depositors will have to file their claim before the Liquidator appointed who will ascertain their right based upon the amount available for being distributed amongst the various persons entitled to in the order of preference. Considering the above, in our opinion, no ground for interference. Petition rejected. (J.H. BHATIA, J.) (F.I. REBELLO, J.)