V.M. Sahai, J.

1. The petitioner is a Liquidator of the Society appointed under Section 90(1) of the Multi-State Cooperative Societies Act, 2002. The petitioner is not an Official Liquidator nor is a Liquidator envisaged under the Companies Act, 1956.

2. M/s. Petrofils Co-operative Limited was a National Cooperative Society (the Society for short) in which the Government of India had 84% share capital. The Society was included in Schedule II to the Multi State Co-operative Societies Act, 1984. For the purpose of manufacturing polyester filament yarn, the said Society was formed, in which Government of India was a majority stakeholder to the extent of 84%. The Society was a co-operative society registered under the Multi-State Cooperative Societies Act, 1984. For the purpose of developing the industry Petrofils and township for the employees and staff of Petrofils, land was needed. Gujarat Industrial Development Corporation (GIDC for short) constituted under the Gujarat Industrial Development Act, 1962 (GID Act for short), applied to the State Government for acquisition of land for the Society, necessary for such public purpose. The State Government under a notification dated 9.6.1978 decided to acquire the required land for public purpose, namely, for establishment of Petrofils industry and construction of a township for employees of Petrofils at Vadodara. The Government contributed a sum of Rs. 1000/- from the public revenue towards the compensation for such land acquisition. For lands which are now purchased by respondents No. 16 to 18, a notification under section 4 of the Land Acquisition Act, 1894 (for short 'the LA Act') was issued on 23.8.1979, notification under section 6 was issued on 21.8.1981 and the land was acquired by consent award passed on 13.10.1981. Similarly for land purchased by other respondents, notification under section 4 of the LA Act was issued on 2.9.1974, notification under section 6 was issued on 11.6.1976 and the land was acquired by consent award passed on 13.7.1976. The entire cost of acquisition expenses and the entire amount of compensation to the land owners was paid by GIDC and the possession of entire acquired land was directly taken by GIDC from the farmers/land owners.

3. It is undisputed that Petrofils industry and township was also constructed on the land so acquired. However, sometime in the year 1994-95, Petrofils started facing severe financial crisis due to which two of its plants had to be shut down. Over a period of time all operations of the society came to a halt. When all hopes for revival of the unit were abandoned, the Government of India decided to initiate steps for winding up the Society. On 11.4.2001, the Central Registrar of Cooperative Societies appointed a liquidator to finalise the liquidation within stipulated time. One of the creditors of the Society approached the Ahmedabad Bench of Debts Recovery Tribunal (DRT for short) by filing Original Application No. 410 of 2001 for recovery of dues. Different other creditors followed the suit and several Original Applications were filed against the Society before the DRT, Ahmedabad for recovery of dues.

4. On 23.4.2007, DRT Ahmedabad, allowed the Original Applications of the creditors and directed the liquidator to pay to IDBI the decreed amount with interest. The liquidator thereupon challenged the said judgment of the DRT, Ahmedabad dated 23.4.2007 before the Debts Recovery Appellate Tribunal ("DRAT" for short). Such appeals were admitted. Interim stay against further proceedings was granted.

5. The IDBI bank issued notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Securitisation Act') on 16.8.2007 seeking to recover a sum of Rs. 755.42 crores (rounded off) with interest from the Society failing which the bank would take measures under the Securitisation Act. The liquidator responded to such notice under a communication