FARAD CONTINUATION SHEET NO. IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH, NAGPUR WRIT PETITION NO. 4864/2006 (M/s. Hare Krushna Gallery vs. The Samata Sahakari Bank Ltd. and others) -------------------------------------------------------------------------------------------------------- Office Notes, Office Memoranda of Coram, appearances, Court's orders or directions Court's or Judge's orders and Registrar's orders. Shri A.M.Ghare, Adv. for petitioner Shri S.Mahajan, Adv., for R-1 CORAM : A.M.KHANWILKAR AND S.R.DONGAONKAR, JJ DATED : 16 th JUNE, 2008. Counsel for the petitioner submits that in view of the decision of Apex Court in Greater Bombay Co-op., Bank Ltd. vs. United Yarn Tex. Pvt. Ltd. reported in 2007 (3 Mh.L.J. 434, the only course open to the bank is to pursue the remedy under the provisions of Maharashtra Cooperative Societies Act, 1961. According to the learned counsel for the petitioner, the decision of the Apex Court is declaration of legal position which will have retrospective application. Inasmuch as, the Apex Court has not expressly opined that the law declared in the decision will have to be applied prospectively. We find force in this submission. Learned counsel for the respondent bank in all fairness submits that respondent bank instead of pursuing the present remedy, will take recourse to provisions of Maharashtra Cooperative Societies Act, 1961, for recovery of the dues payable by the petitioner to the Bank. In view of this assurance, no further investigation is necessary in the present petition. The present petition is disposed of with liberty to the respondent Bank to pursue the remedy against the petitioner for recovery of dues by taking recourse to Maharashtra Cooperative Societies Act, 1961, which will have to be considered on its own merits in accordance with law, uninfluenced by any observations in the decision which are impugned in the present petition. Petitioner assures through counsel that he will extend all cooperation for expeditious disposal of the proceeding to be resorted to by the respondent bank. That assurance is accepted. Petition disposed of in above terms. JUDGE JUDGE Rvjalit