usj IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL CIVIL CIVIL APPELLATE JURISDICTION APPELLATE JURISDICTION APPELLATE JURISDICTION CIVIL CIVIL CIVIL APPLICATION (ST.) NO.1951 OF 2009 APPLICATION (ST.) NO.1951 OF 2009 APPLICATION (ST.) NO.1951 OF 2009 IN IN IN WRIT WRIT WRIT PETITION NO.8997 OF 2003 PETITION NO.8997 OF 2003 PETITION NO.8997 OF 2003 Kolhapur District Central Co-operative Bank Ltd. Kolhapur ..Applicant V/s. The State of Maharashtra & Ors. ..Respondents ..... Mr. Y.S. Jahagirdar, Sr. Advocate i/by Mr. S.S. Patwardhan for the Applicant in CA (St.) 1951/09 Mr. S.A. Sawant for the Petitioner in WP 1337/06 Mr. N.P. Deshpande, AGP for Respondent-State ..... CORAM CORAM CORAM : SHRI J.N.PATEL & : SHRI J.N.PATEL & : SHRI J.N.PATEL & SHRI SHRI SHRI K.K.TATED, JJ. K.K.TATED, JJ. K.K.TATED, JJ. DATE DATE DATE :28TH JANUARY, 2009 :28TH JANUARY, 2009 :28TH JANUARY, 2009 P.C.: 1. This is an application moved by the Applicant-Kolhapur District Central Co-operative Bank Ltd., which has to recover the dues from respondent No.6. 2. The applicant has sought clarification of an order passed by this Court on 22.10.2008 in Writ Petition No.8997 of 2003. : 2 : 3. It is the case of the applicant that as applicant is a secured creditor it has got remedy under the law i.e. to recover the dues of the respondent No.4 by attaching the mortgaged property against the loan advanced to the respondent No.4 under the provisions of Securatisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. 4. We make it clear that in so far as the applicant is concerned, if it falls in the category of secured creditors. It may proceed to recover its dues after seeking permission from the newly constituted committee of the liquidators or initiate proceedings against respondent No.4 thorugh the committee of liquidators and to that extent our order dated 22.10.2008 stands modified. The application stands disposed of accordingly with no order as to costs. 5. The learned AGP has submitted that the new three members committee of liquidator headed by the Chairman has recently taken charge from the earlier liquidator and would examine and assess the financial status of the respondent No.4 society. We will highly appreciate if : 3 : the three members committee of liquidators is in a position to place before us the Balance-sheet of the previous financial year 2007-08 and the financial status from 1st April, 2008 to 31st January, 2009 and also furnish particulars of deposits lying with them, if any, and whether the same can be disbursed to the depositors of the respondent No.4 institution proportionately, so that the Court can pass appropriate orders / directions. Stand over to 18th March, 2009. 6. An apprehension has been expressed by Counsel for the Applicant that in order to cause obstruction to the three member committee from functioning, they may be transferred under political pressure. We find that the apprehension expressed by the counsel for the applicant is justifiable. We therefore, direct the State Government not to transfer any member of the three member committee, who are appointed as liquidators without obtaining permission from this Court. On the other hand, the State Government should extend all possible co-operation to the three member committee of liquidators to perform their duty in accordance with law. 7. Needless to say that this three member committee : 4 : of liquidators should not be assigned any other work except their routine administrative work so that they can devote their whole time for completing the assignment within the stipulated period. (J.N. (J.N. (J.N. Patel, J.) Patel, J.) Patel, J.) (K.K. (K.K. (K.K. Tated, J.) Tated, J.) Tated, J.)