In an auction under SARFAESI ACT 2002, A sale notice was published, My client had participated in the said proceedings and was a highest bidder. He has paid the entire amount as per the terms and conditions. The Bank has acknowledged the receipt of entire bid amount. Thereafter the Bank has given him the possession of the property alongwith fittings and fixtures. But before the bank can issue sale certificate, a liquidator was appointed and bank avoided to issue sale certificate.
After a detailed discussion, I filed a suit for Declaration and Mandatory Injunction against the bank, seeking declaration that the auction proceedings carried out by the bank is binding upon the bank, and mandatory injunction seeking direction to the bank to issue sale certificate.
The bank did not appear in the matter, but the court is objecting to the maintainability of the suit on the ground that, the Civil court has no jurisdiction to try the matter as it is touching the business of the society and dispute will lie u/s 91 of Maharashtra Co-op Societies Act.
Now what remedy is available to me. Can anybody help me out? Can anybody suggest any Case Law.