Amitava Roy, J.

1. The petitioner No. 1 before this Court is a Shareholder/Member and petitioner No. 2, a depositor of the Silchar Co-operative Urban Bank (hereinafter referred to as the 'Bank') assailed the legality and validity of the communication dated 15.2.2000 and one 23.3.2000 pertaining to winding up thereof as directed by the Reserve Bank of India (hereinafter referred to as the 'RBI'). This court issued rule on 27.3.2000 but no interim order was passed.

2. Heard Mr. N. Dhar, learned counsel for the petitioners, Mr. M. Bhuyan, learned counsel for the RBI and Mr. A. Thakur, learned State counsel for respondent Nos. 2, 4 and 5.

3. The primary facts in short as can be gathered from the writ petition are that the bank is a registered Society under the Assam Co-operative Societies Act, 1949 (hereinafter referred to as the Act) and has been functioning for the last about a century but had become financial sick due to non-payment of loans by the borrowers. According to the petitioners, the Registrar, Co-operative Society, Assam in such circumstances ought to have made an endeavour to recover the outstanding loan amounts through Bakijai proceedings as contemplated in law. Ins