JUDGMENT :

MOHAN M. SHANTANAGOUDAR, J.

1. This appeal arises out of judgment dated 01.12.2015 passed by the Nagpur Bench of the High Court of Bombay in W.P. No. 3879/2012. Vide the impugned judgment, the Hon’ble High Court has directed the issuance of a recovery certificate against the Appellant herein, thereby modifying the order dated 08.08.2011 passed by the Bhandara Bench, Industrial Court, Maharashtra.

2. The brief facts giving rise to this appeal are as follows: 2.1 Registered under the Maharashtra Co-operative Societies Act, 1960 (hereinafter ‘Societies Act’), Respondent No. 6 herein, Vainganga Sahakari Sakhar Karkhana Ltd. (hereinafter ‘Karkhana’) had obtained credit facilities from the Appellant-Bank and mortgaged its properties in return. When it defaulted on the repayment of the loan, the Appellant-Bank initiated recovery proceedings on 10.02.2005, by issuing a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter ‘SARFAESI Act’). Later, on 13.06.2005, the Appellant-Bank took physical possession of the mortgaged properties of the Karkhana as per Section 13(4) of the SARFAESI Act.

2.