Maharashtra Co-Op Societies Act 1960

Advocate Umesh (Querist) 26 March 2011 This query is : Resolved
My Client is Defaulter of one Co-Op bank in Maharashtra. Now the bank got 101 Certificate. and recover the default amount under s. 156 R. 107 by attachment and sale of immovable property. but this particular property under attachment is not mortgaged to the bank and bank have some other mortgaged properties of my client. can I grant stay on recovery on this ground?

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Guest (Expert) 26 March 2011
YOU MAY FILE AN APPEAL TO THE JOINT REGISTRAR COOP SOCIETY AND APPLY FOR STAY OF THE SAID RECOVERY CERTIFICATE UNDER SEC.101.YOU MAY KINDLY TAKE HELP FROM THE LEGAL EXPERTS.ACT URGENTLY AS THE SAID COOP BANK MAY ATTACH AND SALE MOVABLE AND OTHER PROPERTY.GOOD LUCK.

MAMTA (Expert) 26 March 2011
Yes, you can but you have to act very promptly as NP A/c matters will be move fast by banks in march end as they have to report recovery to RBI

Advocate. Arunagiri (Expert) 26 March 2011
The society has every right to attach the property which is not mortgaged.

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