Attachment by co-operative bank


A Writ Petition was filed by the aggrieved Borrower before the Hon'ble Bombay High Court challenging the action of SRO who had taken actual physical possession of the Flat. It is very important to note that the Borrower did not challenge the Recovery Certificate. His challenge was against the action of the SRO in taking physical possession of the Flat against the provisions of the Co-operative Societies Act. The Hon'ble Bombay High Court ruled that unless and until the Flat is sold in public auction and the possession is claimed by the auction purchaser, physical possession of the Flat cannot be taken either from the Borrower or from the Guarantor. 

 
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