1 Amk IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 1576 OF 2009 M/s. Shilpa Shares and Securities & Ors. .. Petitioners Vs. The National Co-operative Bank Ltd. & Ors. .. Respondents Mr. Hemant Radhakrishna Sapale present in person for the Petitioners. Mr. Kirit N. Mody i/b Mr. S. Pathak & Co. for Respdt No.1 & 2. Mr. P. Majumdar i/b M/s. M. P. Savla & Co. for Respondent No.8. Mr. R. M. Patne AGP for Respondent Nos. 3 & 4. CORAM : MRS. R. S. DALVI, J. DATE : 28th January, 2010. P.C. 1. Rule. Rule is made returnable forthwith. 2. The petitioners borrowed loan from respondent No.1 Bank. The loan remained unpaid. Recovery certificate was issued and auction sale was held. The bidders have bid at the auction sale. The highest bid of Rs.5.05 crores was accepted. Sale Deed has been executed. The District Deputy Registrar, Co-operative Societies, Mumbai passed an order that he has no objection to 2 confirm the auction sale on 31.03.2008. The petitioner filed a revision application challenging the said order. The revision application was rejected on 18.09.2008 on the ground that the petitioner had not deposited 50% of the amount of the recoverable dues of respondent No.1-bank. That order is impugned. 3. In the case of Greater Bombay Co-operative Bank Ltd., Mumbai and another Vs. Dhillon P. Shah and others (2004(1) Mh.L.J. 996), it has been held by this Court that revision application challenging only derivative action in relation to recovery certificate also requires payment of 50% of the total amount of recoverable dues for invoking the jurisdiction. 4. Since 50 % of the dues under the Recovery Certificate was not deposited, the impugned order cannot be faulted. The writ petition is devoid of merits and hence dismissed. Rule is discharged. (R. S. DALVI, J.)