Maharashtra State Coop. Bank Ltd Etc. Through Its Assistant Director Mr. Sudhir Mahadev Mhetre vs. Ashok Gulabrao Chavan And Ors. Etc
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S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS
Civil Appeal No. 3181/2009
MAHARASHTRA STATE COOP. BANK LTD. Appellant(s)
VERSUS
THE STATE OF MAHARASHTRA & ORS. Respondent(s)
WITH
SLP(C) No. 12238-12239/2014 (IX) IA No. 43522/2025 - STAY APPLICATION
Date : 06-03-2025 These matters were called on for hearing today.
CORAM : HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE SANJAY KUMAR
| For Appellant(s) | Ms. Majeet Kirpal, Adv.<br>Mr. D. Aswathaman, Adv.<br>Ms. Sanyukta N. Suryawanshi, Adv.<br>Mr. M. Y. Deshmukh, AOR<br>Mr. Balbir Singh, Sr. Adv.<br>Mr. Shrivallabh Panchpor, Adv.<br>Mr. Omkar Jayant Deshpande, Adv.<br>Ms. Pallavi Pratap, AOR<br>Mr. Naman Tondon, Adv.<br>Mr. Vedant Kohli, Adv. |
|---|---|
| For Respondent(s) | Mr. Mahesh Prakash Shinde, Adv.<br>Mr. Ashok Kumar Gupta Ii, AOR<br>Mr. Naresh Kumar, AOR<br>Mr. Saket Mone, Adv.<br>Mr. Kush Chaturvedi, AOR<br>Mrs. Prerna Priyadarshini, Adv.<br>Mr. Suraj Iyer, Adv.<br>Mr. Rickin Dang, Adv.<br>Mr. Syed Faraz Alam, Adv.<br>Mr. Atharva Gaur, Adv.<br>Mr. Aayushman Aggarwal, Adv. |
| Mr. Shaurya Gupta, Adv.<br>Mr. Siddharth Dharmadhikari, Adv.<br>Mr. Aaditya Aniruddha Pande, AOR<br>Mr. Bharat Bagla, Adv.<br>Mr. Aditya Krishna, Adv.<br>Ms. Preet S. Phanse, Adv.<br>Mr. Adarsh Dubey, Adv.<br>Ms. Pradnya Talekar, Adv. |
Mr. Ajinkya Sanjay Kale, Adv.
Mr. Pulkit Agarwal, AOR
UPON hearing the counsel, the Court made the following O R D E R
I.A. No. 43522/2025 in SLP(C) No. 12238-12239/2014
It is submitted that, in the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the secured assets were sold for about 50 crores in the year 2015. Payment of more than ₹ ₹40 crores has been made to the workmen in terms of the orders passed by the High Court from time to time.
Reliance is placed on the decision of this Court in "Maharashtra State Cooperative Bank Ltd. v. Babulal Lade and Others"1 to urge that the provisions of Section 529A of the Companies Act, 1956, may not be applicable, as the bank in question is a Cooperative Bank.
Without going into that question and in view of the substantial payments already made out of the sale proceeds of the secured assets, we deem it appropriate to direct that no further demand(s) for payment shall be made from the applicant/bank without the permission of this Court.
The application is disposed of accordingly.
Re-list the appeal and the special leave petition before an appropriate Bench in the week commencing 01.04.2025.
(BABITA PANDEY) (R.S. NARAYANAN) AR-CUM-PS ASSISTANT REGISTRAR
<span id="page-1-0"></span>1 (2020) 2 SCC 310.
2