GITA MITTAL, J.

1. The present matters relate to the Delhi Co-operative Group Housing Society Ltd. (hereinafter referred to as ‘the society’). The private parties are admittedly members and flat owners in the said Society.

2. Before dealing with the rival contentions, we propose to note some salient facts about the Society. The Society was registered under the provisions of the Delhi Co-operative Societies Act, 1972 (hereinafter referred to as ‘DCS Act’) on the 17th of January 1980 with the sanctioned strength of 212 members.

3. It is also an admitted position that on 8th of April 1984, the society applied to the Delhi Co-operative Housing Finance Corporation (hereinafter referred to as ‘DCHFC’) for grant of loan of Rs. 1.5 crores for construction of flats. A loan of Rs. 1.26 crores was sanctioned on 17th November, 1985 pursuant to a loan agreement. The society also executed a mortgage deed whereby the land allotted to the society was mortgaged with the DCHFC.

A further loan of Rs. 18 lakhs was sanctioned and released to the society against a supplementary loan agreement and a further mortgage deed was executed with the DCHFC in November, 1987.

4. It is essential for us to not