ALTAMAS KABIR, J.

( 1 ) IN view of the limited point of law involved, the Special Leave Petition is taken up for final disposal at the admission stage itself.

( 2 ) THE petitioner is alleged to have taken loans from the respondent-Bank under 17 loan transactions either in his capacity as the principal borrower or as the Director of the firm M/s Prakash Offset Printers. According to the respondent-Bank a sum of Rs. 413. 16 lakhs together with interest was due to it from the petitioner as on 31. 12. 03. The petitioner, along with the firm and its other Directors, disputed their liability to make the said payment and filed an application under Section 91 of the Maharashtra Co-operative Societies act, 1960. Initially, the Co-operative Court granted an order of status-quo but vacated the same after hearing the Bank. The Co-operative appellate Court affirmed the order of the Co-operative Court and refused to stay the recovery proceedings. Meanwhile, the respondent-Bank also initiated action for recovery under Section 101 of the aforesaid Act against the petitioner and his business concerns. Accepting the claim of the Bank, the assistant Registrar of Co-operative Societies issued 12 Recov