The Nagpur bench of the Maharashtra High Court today ordered the confiscation of Maharashtra State Co-operative Bank (MSC) at Mahal, Gandhi Sagar in Nagpur in a case of misappropriation of Rs 13,89, 84,334. However, on February 8, 2021, the bank had moved the High Court seeking stay of the proceedings and intervening and approving the new petition. However, a bench of Justices Anil Killore and Nitin Jamdar of the Nagpur Bench of the High Court on February 11, rejected the bank’s plea and said it was unable to intervene in the apex court’s decision. And ordered the confiscation of the bank by the petitioner. As a result, all avenues of the bank are now closed and about 700 workers who have been fighting court battles for over 13 years are rejoicing.
The movable property, building, furniture, computer and all other items in the bank will be confiscated as per the confiscation order issued by the Supreme Court on Thursday. The MSC bank account with Bank of Baroda, which belongs to Maharashtra State Co-operative Bank, has also been frozen and confiscation action will be taken by the administration on Friday. The administration of the bank is shaken as the bank will be confiscated and on February 12 the bank itself is expected to pay DD of Rs 13, 89, 334 crore directly to the workers’ union.
In particular, the Supreme Court on December 4, 2019 ordered the recovery of the bank within 6 months. And if the bank did not pay Rs 13, 89,84, 334 to the workers, it had ordered confiscation of the bank’s assets within six months. Wainganga Co-operative Sugar Factory was the petitioner its elected representative Babulal Lade, Vishwanath Buddhe, Premlal Patel participated in the proceedings. Their lawyer Adv Rahul Zambre and Adv Santosh Chande, while Adv S K Mishra was the layer from Bank side.
