JUDGMENT

MARKANDEY KATJU, J.—

1.These appeals have been filed against the impugned judgment and order dated 16.1.2003 of the Bombay High Court in writ petition No. 105/2003.

2.Heard learned counsel for the parties and perused the record.

3.The appellant had taken a loan from respondent No.1, which is a co-operative bank registered under the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as the ‘Act’). Since the appellant was in default in payment of the loan, recovery proceedings were taken under the Maharashtra Co-operative Societies Rules, 1961 (hereinafter referred to as the ‘Rules’).

4.In pursuance to the recovery, recourse was taken to the procedure for attachment and sale of the property of the appellant prescribed in Rule 107 of the Rules, framed under the Act. An auction was held for sale of the appellants’ properties. Under Rule 107(11)(g) of the Rules, 15% of the price of the immovable property has to be deposited by the auction purchaser at the time of the purchase, and the remaining 85% of the purchase money has to be paid within 15 days from the date of such sale. Admittedly, in the present case, the aforesaid 85% of the purchase money was not paid