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G. S. PATEL, NEELA GOKHALE
Vidya Sahakari Bank Ltd – Appellant
Versus
State of Maharashtra – Respondent
JUDGMENT/ORDER
G.S.PATEL, J. - Rule. Rule returnable forthwith.
2. The Vidya Sahakari Bank Ltd ("Vidya Bank"), a cooperative bank registered under the Maharashtra Cooperative Societies Act, 1960 ("MCS Act"), approaches us for a mandamus to quash impugned communications of 23/7/2022 and 20/9/2022 addressed by the Senior Police Inspector to the Inspector General of Registration and the Sub-Registrar of Assurances. By the impugned communications, the authorities have demanded a no objection for registering certain transfer documents, and it is claimed that a no objection certificate is required under the provisions of the Maharashtra Protection of Interest of Depositors (In Financial Establishment) Act, 1999 ("MPID Act"). Until then, the bank is told, transfer documents that it needs to execute to recover its debts cannot be registered and will not be permitted to be registered. What was sought to be registered was a Sale Certificate issued by the Petitioner bank in part or whole satisfaction of its debt.
3. The approach is entirely incorrect and unsustainable in law. This is quite apart from the fact there is not even a notification under the MPID Act.
4. A few facts will suffice.
5. The
The registration of documents under the Registration Act cannot be withheld based solely on an FIR; proper legal procedures must be followed, and the police do not have the authority to obstruct regi....
The impugned circular and Rule 44(1)(i) were found to be contrary to sections 34 and 35 of the Registration act, 1908 and beyond the legislative competence of the respondents.
The SARFAESI Act's provisions override civil court injunctions, allowing secured creditors to enforce their rights despite conflicting orders.
The court established that the MPID Act must be considered in investigations involving financial establishments to adequately protect depositors' interests and ensure proper legal proceedings.
Registering authority cannot refuse sale deed registration citing fragmentation, red zone, or lack of permissions under other laws; powers limited under Sections 34-35 to execution and identity verif....
A secured creditor's rights under the SARFAESI Act are unaffected by a civil court's interim injunction binding only the parties in the suit.
Insistence on original documents for registration is unlawful when certified copies exist; property transfers can occur even without original deeds, facilitating transactions under prevailing laws.
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