1. Rule, returnable forthwith.

Heard finally, by consent of the parties.

2. The Petitioner has challenged reversal order dated 12 September 2013, passed by the Member of Maharashtra State Co-operative Appellate Court, Mumbai.

3. The basic events are as under:

The Petitioner is a Company incorporated under the provisions of Companies Act, 1956 and engaged in the business of development of land and construction activities. On 9 July 2012, the Respondent Bank had issued notice to the Petitioner for recovery of an amount of Rs.5,12,76,485.43/- along with interest and directed to deposit the said amount with the bank within a period of 8 days and in failure of which, they will initiate proceeding against the Petitioner under Section 101 of the Maharashtra Co-operative Societies Act, 1960 (for short, “the MCS Act”). By the said notice, the amount claimed by the Respondents was stated to be fictitious and on the contrary, as aforesaid the Petitioner stand to receive the above two amounts i.e. Rs.54,61,206/- towards maintenance and water supply charges and Rs.2,23,00,690/- towards refund of long standing claim from the Respondents. The total comes to Rs.2,77,61,896/-. On 12 Septe