NDLI: Goa State Cooperative Bank Ltd. Vs. Krishna Nath A. (dead) Through Lrs. and Others

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	1960 s. 109 Termination of liquidation proceedings Effect of Maharashtra Co-operative Societies Act Expiry of the period fixed for liquidation
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Maharashtra Co-operative Societies Act, 1960 (24 of 1961)
Case(s) Referred	Referred Case 0 Referred Case 1
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Maharashtra Co-operative Societies Act, 1960: s. 109 – Termination of liquidation proceedings – Expiry of the period fixed for liquidation – Effect of, on the proceedings for recovery of dues instituted/pending as against the members – Held: Concept of restitution is a remedy against unjust enrichment or unjust benefit – When there is stay of proceedings by court, no person can be made to suffer for no fault on his part and a person who has liability but for the interim stay, cannot be permitted to reap the advantages on the basis of interim orders of the court – Thus, the members who have obtained stay in appeal or on recovery proceedings or the case is pending, cannot take advantage of the fact that the period fixed for Liquidator under the Act is over – Once a report has been submitted, the Registrar has to take action in terms of the report and in such circumstances when the proceedings for recovery are pending against the members and the Society has taken loan from the banks for its member, the actual money has to go to the creditor bank – In such cases it would be appropriate for the Registrar to send notice of the proceedings to Banks – On facts, bank itself is a prime lender cum liquidator – Proceedings cannot come to the end – Thus, it is open to the bank to continue with the recovery proceedings and make recoveries from the defaulting members – Merely on the liquidation of Society, or the factum that the period fixed for liquidation is over, liability of the members for the loans cannot be said to have been wiped off
Judge	Hon'ble Mr. Justice Arun Mishra
Neutral Citation	2019 INSC 920
Petitioner	Goa State Cooperative Bank Ltd.
Respondent	Krishna Nath A. (dead) Through Lrs. And Others
SCR	[2019] 10 S.C.R. 721
Judgement Date	2019-08-20
Case Number	10596

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