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2017 (7) TMI 1403 - HC - Indian LawsSeeking release of Fixed Deposits since such deposits have attained maturity - writ petition is maintainable against a Co-operative Society or not - HELD THAT:- There are clear statutory requirements and prescriptions in the Act which mandate that if a society fails to honour its financial commitments, the competent statutory authorities are enjoined and obligated to to take such action as is mandated under the Act. When a depositor complains that a society has not honoured its financial commitment which it was legally bound to do, it would be open to the concerned statutory authorities to take such action, as is warranted and mandated under the provisions of the Act and the Rules, to ensure that the society either honours such commitments or that resources are created through due procedure, either by liquidation of the assets of the society or through such other methods, for the purpose of clearing and honouring such liabilities. When such a duty is cast upon the statutory authorities and since such authorities are also in the party array of the respondents in this writ petition, it cannot be concluded how the Society can maintain that this writ petition cannot lie, especially since this Court can always modulate the reliefs to be granted, including by issuing directions to the competent statutory authorities to take action against the Society if they fail in their statutory and legal duties. The submissions of the learned Standing Counsel for the Society that this writ petition is not maintainable, cannot be agreed upon - the Society are directed to pay to the petitioner the entire amount along with applicable interest within a period of four months from the date of receipt of a copy of this judgment - petition allowed.
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