Authority: High Court of Judicature at Bombay, Civil Appellate Jurisdiction
Order Date: 29 September 2026
Case Overview
- Petition No. 14110 of 2025 filed by Bharati Vidyanand Mulik (petitioner) against the Authorized Officer, Saraswat Co-operative Bank Limited and others (respondents).
- Counsel for petitioner: Mr. Kaustubh Kandpile (a/w) Mr. Jayesh Kalebere; counsel for bank: Mr. Nikhil Rajani (through VC), i/b V. Deshpande & Co.
- Coram: Hon’ble Justices Manish Pitale & Shreeram V. Shirsat.
- The dispute concerns a secured loan where the flat pledged as security is vacant; petitioner is not in possession.
- As of 9 July 2026, the outstanding amount owed to the bank was Rs.23,20,633/‑.
- The court initially entertained the petition on 8 April 2026, issuing a notice and granting an interim order restraining the bank from taking physical possession of the flat.
- On 6 August 2026, the bank reiterated the due amount of Rs.23.20 lakh; petitioner claimed to have arranged approximately Rs.12 lakh and sought additional time.
- The court directed that, if further time were to be granted, petitioner should demonstrate bonafide intent by depositing Rs.10 lakh with the bank to continue the interim protection.
- On 22 September 2026, the court recorded petitioner’s statement that she could not arrange any further funds as friends and relatives were unable to assist.
- The petitioner’s counsel suggested that if the court is unwilling to continue hearing, petitioner could approach the bank in the future should she secure funds.
- The bank’s counsel reiterated that any future settlement must be preceded by statutory notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Final Outcome
- The writ petition is dismissed; any pending applications are also disposed of.
- The dismissal does not preclude the petitioner from approaching the bank in the future if she arranges repayment of the outstanding dues.
Topics: Loan Default Litigation, Banking Enforcement