JUDGMENT - R.M.S. KHANDEPARKAR, J.:---This appeal arises from the Judgment and order dated 24th October, 1994, passed in Insolvency Petition No. 1/90, by the District Judge at Panaji. By the impugned order the District Judge had allowed the application filed by the respondent No. 1 herein for his declaration as insolvent and has further ordered that from the amounts realised of the assets of the respondent No. 1 and which are now invested in F.D.R., the outstanding amounts of respondents Nos. 2,4, and 5, shall be paid first and from the balance outstanding amount, the appellant should be cleared and if any balance is left, the outstanding amounts of the remaining respondents shall be cleared on pro-rata basis.

2.The grievance of the appellant is that the impugned order has been passed by misconstruing the provisions contained in section 34 of the Maharashtra Co-operative Societies Act, 1960, as applied to the State of Goa and hereinafter called the "said Act". It is the contention of the appellant that upon proper construction of the said section 34 of the said Act, the dues to the appellant ought to rank higher than that of the respondents.

3.The facts which are not in dispute are

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