Maharashtra Cooperative Societies Act, 1960 — Section 91 and 102 — The appellant had an outstanding loan from a society (R) that was wound up — The Liquidator auctioned the society’s property to recover dues, but the appellant, despite objecting to the valuation and process, did not challenge it promptly — The property was sold to respondent no. 6 for Rs. 2,51,48,000/- — The High Court dismissed the appellant’s writ petition — The Supreme Court found procedural irregularities but held the appellant’s delay in challenging them estopped any further action. Considering the outstanding dues and undervaluation, the Court invoked Article 142 to direct respondent no. 6 to pay the appellant Rs. 1,05,98,710/- as full and final settlement. The remaining balance was to be disbursed to other creditors.
2024 INSC 741 SUPREME COURT OF INDIA DIVISION BENCH THE AHMEDNAGAR DISTRICT CENTRAL COOPERATIVE BANK LTD — Appellant Vs. THE STATE OF MAHARASHTRA AND OTHERS — Respondent ( Before :…