Maharashtra Cooperative Society Act

Chetan (Querist) 11 April 2010 This query is : Resolved
Whether a society issued recovery certificate issued by itself against the debtor as per the provision of Mah. Coop. socvieites Act...........

Pls urgent...

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Guest (Expert) 11 April 2010
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.9271971251

e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com

REGARDING THE RECOVERY CERTIFICATE ISSUED BY DY.REGISTRAR COOP.SOCIETY KINDLY NOTE THAT

1.AS PER PROVISIONS OF MAHARASHTRA COOPERATIVE SOCIETY ACT,1960, A RECOVERY CERTIFICATE IS ISSUED BY THE DY.REGISTRAR COOP.SOCIETY MENTIONING THE AMOUNT OF LOAN AND INTEREST PAYABLE BY THE RESPONDENT BORROWER OF LOAN.WITH REFERENCE TO SECTION 101, 107 OF SAID ACT.

2.IN CASE CERTIFICATE IS ALREADY ISSUED THEN THE SOCIETY MAY ATTACH AND SEIZE THE VARIABLE ASSETS AND PROPERTY OF THE BORROWER.

3.HENCE REMEDY IS TO APPEAL TO JOINT REGISTRAR COOP.AGAINST THE SAID ORDER OF DY.REGISTRAR COOP WHO HAS ISSUED THE RECOVERY CERTIFICATE.BUT KINDLY NOTE THAT THERE IS A PROVISION TO DEPOSIT 50 % OF RECOVERY CERTIFICATE AMOUNT WHILE SUBMITING APPEAL. STILL THIS POINT CAN BE ARGUED AND IN CASE APPEAL IS NOT ADMITED DUE TO FINANCIAL PROBLEMS THEN THE SAID PERSON CAN FILE A WRIT PETITION TO THE HIGH COURT AND PRAY FOR HELP.

BUT KINDLY NOTE THAT THIS IS A VERY URGENT AND COMPLICATED ISSUE AND NEEDS EXPERT LEGAL ADVISE PLEASE NOTE.

IN CASE ANY FURTHER HELP IS REQUIRED KINDLY SEND DETAILS OR WRITE OR CALL.

WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.

THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE

Kumar Thadhani (Expert) 14 April 2010
Yes I agree with expert MR.SAWANT.

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