The case involves a dispute over the priority of claims against a defunct Co-operative Sugar Manufacturing Society. The appellant, Jalgaon District Central Coop. Bank Ltd., is a secured creditor seeking to recover defaulted loans by selling the mortgaged properties under the SARFAESI Act. Competing claims include dues of the workmen and Provident Fund amounts, which the workmen argue have a first charge.
Jalgaon District Central Coop. Bank Ltd. (appellant) is a secured creditor to a Co-operative Society engaged in sugar manufacturing.
The Society mortgaged its properties and hypothecated stock to the Bank as security for a loan.
The factory became defunct in 2000 due to huge losses, and the Society defaulted on the loan.
On 17.03.2001, the appellant-bank approached the Cooperative Court (Dispute No.459 of 2000), where a Receiver was appointed on 11.01.2001.
The Cooperative Court adjudicated the dispute, allowing the appellant-bank to recover Rs.30,24,32,954/-.
In 2002, the Commissioner of Sugar appointed a liquidator for the Society.
In 2006, the appellant-bank issued a notice under Section 13(2) of the SARFAESI Act and took possession of the secured assets.
…Sign in to view the parties.
The Co-operative…
A Receiver was…
The case involves a dispute over the priority of claims against a defunct Co-operative Sugar Manufacturing Society. The appellant, Jalgaon District Central Coop. Bank Ltd., is a secured creditor seeking to recover defaulted loans by selling the mortgaged properties under the SARFAESI Act. Competing claims include dues of the workmen and Provident Fund amounts, which the workmen argue have a first charge.
Jalgaon District Central Coop. Bank Ltd. (appellant) is a secured creditor to a Co-operative Society engaged in sugar manufacturing.
The Society mortgaged its properties and hypothecated stock to the Bank as security for a loan.
The factory became defunct in 2000 due to huge losses, and the Society defaulted on the loan.
On 17.03.2001, the appellant-bank approached the Cooperative Court (Dispute No.459 of 2000), where a Receiver was appointed on 11.01.2001.
The Cooperative Court adjudicated the dispute, allowing the appellant-bank to recover Rs.30,24,32,954/-.
In 2002, the Commissioner of Sugar appointed a liquidator for the Society.
In 2006, the appellant-bank issued a notice under Section 13(2) of the SARFAESI Act and took possession of the secured assets.
…The Co-operative…
A Receiver was…