The petitioners have challenged the notice issued by the Deputy Mamlatdar and Special Recovery Officer of Bombay Mercantile Co-operative Bank Ltd. by which the Bank has decided to auction the property on 25.7.2001.
2.It is stated that the present petitioners are original defendants against whom the present respondent No. 1, Bombay Mercantile Co-operative Bank, has filed summary suit being No. 106 of 2000 before the learned Board of Nominees. The petitioners are members of the respondent Bank. Petitioner No. 1 has a current account in the name of Haji Farsan in respondent No. 1 Bank. It appears that the respondent Bank had prayed for an award vide application Exh. 20 before the learned Board of Nominees and the learned Board of Nominees by its order dated 13.2.2001 has passed an award at Exh. 21 for Rs. 3,18,015.32ps in favour of the bank and against the petitioners.
3.Being aggrieved and dissatisfied with the aforesaid order, the learned counsel for the petitioner states that the petitioners have filed appeal before the Co-operative Tribunal being appeal No. 559 of 2001. He submitted that till the appeal is decided by the Tribunal, this court may be granted stay of auction proceedings. Ms. I.M. Desai, Special Recovery Officer remains present in court on behalf of respondent No. 1 and Shri Mahendra Shah, ex-retired legal officer remains present before this court. They have strongly objected to grant of any interim relief. With a view to see that the interest of the bank is also protected, I direct that the petitioner will deposit a sum of Rs. 1,30,000/- (Rupees one lakh and thirty thousand) on or before 31.8.2001 with the bank. As regards the remaining amount, the Tribunal will decide the same in accordance with law. Till then the respondent Bank will not take any action for auction of the property of the petitioners.
4.The petition stands disposed of accordingly with no order as to costs.
(K.M. MEHTA, J) (pkn)