6.wp.529.09 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITON NO.529 OF 2009 The Malad Sahakari Bank Ltd., ..Petitioners. Versus The Municipal Corporation of Greater Mumbai and 3 others. ..Respondents. ... Mr.A.Y. Sakhare, Sr. Advocate with Mr.A.G. Damle, Advocate i/b. D.R. Shah, for the petitioners. Mrs.Shobha Ajitkumar, Advocate for respondent No.1. Mr.Nevlie Mukherji i/b. Wadia Ghadi & Co. for respondent No.4. ... CORAM : F. I. REBELLO & A.R. JOSHI, JJ. DATED : JANUARY 15, 2010. P.C. 1. On behalf of respondent No.4 time is sought. Considering the order to be passed, we are not inclined to grant adjournment. Application for adjournment is rejected. 2. It is the case of the petitioners that they have a charge on the assets of immovable property and shops which were sold by respondent No.1 for realization of its dues and which has been purchased by respondent No.4. 6.wp.529.09 2 3. The case of the petitioners is that if the veil is lifted, respondent Nos.3 & 4 are controlled by the same group of persons. It is further contended that the petitioners have, pursuant to the mortgage in their favour, taken possession of the premises and had invited bids wherein they had received bid in the sum of Rs.1.80 crores. Respondent No.4 have filed their objections to the said sale on the ground that once they have purchased the property at an auction, then the petitioners cannot claim the said amount. Those proceedings are pending before the Divisional Joint Registrar under the Co-operative Societies Act who has granted a stay. 4. In our opinion,the Petition is filed by the petitioners on the ground of under valuation etc.and that a proper price is not received for the property. We are not inclined at this stage to go into the issue. Prima facie the petitioners being secured creditors having a charge on the property sold by the respondent Corporation for realization of its dues. That however will not discharge the property from the security 6.wp.529.09 3 which the petitioners have. If ultimately the petitioners are aggrieved by any order that the Divisional Joint Registrar may pass, it will be open for them to also raise this contention in the Petition which they may file. 5. Considering the above, we are not inclined to exercise our extraordinary jurisdiction. The Divisional Joint Registrar to dispose of the matter as expeditiously as possible at any rate not later than eight weeks from today. 6. With the above observations, Petition is disposed of. (A.R. JOSHI, J.) (F.I. REBELLO,J.)