Bombay High Court
M/S. POOJA DEVELOPERS, THR ITS PARTNERS S. V. DATIR AND R. M. AHIREversusTHE STATE OF MAHARASHTRA , DEPT OF CO-OPERATION, MARKETING AND TEXTILES AND ORS
- Decided
- Disposal
- Disposed Off
Holding
The court held that the agreed one‑time settlement is sufficient and ordered the bank to close the account, issue a No‑Due Certificate, and cancel the mortgage deed, thereby disposing of the petition.
Summary
M/s Pooja Developers filed a writ petition against the State of Maharashtra and others, seeking relief over a banking dispute. The petitioner submitted a demand draft of Rs.1,04,56,555 to Sant Sopan Kaka Sahakari Bank Ltd. The bank, through a resolution, agreed to a one‑time settlement of Rs.1,10,00,000, which would include shares and a dividend of Rs.5,45,000. The court examined whether this settlement satisfied the petitioner’s liabilities and whether it could order the bank to close the account, issue a No‑Due Certificate, and cancel any mortgage deed. Accepting the settlement, the court directed the bank to issue the No‑Due Certificate and cancel the mortgage deed within two weeks. Consequently, the petition and the pending interim application were disposed of.
Issues considered
- Whether the one‑time settlement of Rs.1,10,00,000 is sufficient to discharge the petitioner’s obligations.
- Whether the court can direct the bank to issue a No‑Due Certificate and cancel the mortgage deed upon acceptance of the settlement.
Subjects
- one‑time settlement
- No‑Due Certificate
- mortgage deed cancellation
- interim application
- writ petition
- banking dispute
- settlement agreement
Judgment
1/2 906 IA-2209-26.odt
Salgaonkar
MANDIRA MILIND Digitally signed by MANDIRA
MILIND SALGAONKAR
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
SALGAONKAR Date: 2026.08.29 18:05:36 +0530
CIVIL APPELLATE JURISDICTION
INTERIM APPLICATION NO.2209 OF 2026
IN
WRIT PETITION NO.518 OF 2026
M/s Pooja Developers .. Applicant/
Petitioner
Versus
The State of Maharashtra, Dept. of .. Respondents
Co-Operation, Marketing and Textiles
& Ors.
…
Mr.Niranjan Mogre for the Applicant/Petitioner.
Mr.Sachin H. Kankal, A.G.P. for the Respondent Nos.1 and 5.
Mr.Harshad Sathe with Mr.Tushar Agrawal and Ms.Harshada
Shrikhande i/b Mulani & Co. for the Respondent Nos.3 and 4.
CORAM: BHARATI DANGRE &
ASHISH S. CHAVAN, JJ.
DATE : 27th AUGUST, 2026
...
P.C:-
1. In continuation of the order dated 11/08/2026, the
counsel for the Petitioner presented a Demand Draft of
Rs.1,04,56,555/-, in the name of Sant Sopan Kaka Sahakari
Bank Ltd., Saswad. During the course of hearing, this Demand
Draft dated 14/08/2026 is handed over to the counsel
representing the Bank.
2/2 906 IA-2209-26.odt
At the same time, the counsel for the Respondent-Bank
has placed before us a copy of the Resolution No.8(2) taken in
the meeting dated 13/08/2026, when it is agreed that the
account of the Petitioner shall be settled in the sum of
Rs.1,10,00,000/- and though the Resolution also makes a
reference to a sum of Rs.5,00,000/- shares over and above of
the said amount, the learned counsel representing the Bank is
under the instructions to make a statement that this amount
of Rs.5,00,000/- shall be included in the sum of
Rs.1,10,00,000/- which is an amount of One Time Settlement
(OTS).
It is agreed that on acceptance of the Demand Draft, the
balance amount to make the OTS possible in the tune of
Rs.1,10,00,000/-, the shares as well as the dividend in the tune
of Rs.5,45,000/- shall be adjusted towards the OTS amount.
Pursuant to the aforesaid settlement being given effect to, the
account of the Petitioner shall be closed and a ‘No Due
Certificate’ shall be issued to it within a period of two weeks
from today.
In case, if any Mortgage Deed is executed, the same shall
be liable to be cancelled within a period of two weeks from
today.
2. The Petition alongwith the pending Interim Application
stands disposed of.
(ASHISH S. CHAVAN, J.) (BHARATI DANGRE, J.)
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