Adarsh Credit Cooperative Society: Rajasthan High Court Orders Expeditious Disposal Of Depositor's Claim Application

Justice Dinesh Mehta ordered,

"The respondents are directed to take a decision on the application filed by the petitioner expeditiously, preferably within a period of ninety days from the date of receipt of copy of this order strictly in accordance with rules and guidelines governing the field."

The Adarsh Credit Co-op Society allegedly floated several fake companies and siphoned off its depositors money, approximately Rs. 8,000 Crore.

In the present case, the grievance raised by the petitioner is that he had made certain deposits in the Co-operative Society under various schemes and heads, however, subsequently the establishment has been closed.

Advocate Surendra Bagmalani for the petitioner submitted that though a Liquidator was also appointed at the instance of Union of India and deposits of several creditors have been released, however, the deposits made by the petitioner have not been released.

In furtherance of this, a limited prayer was made before the court to direct the respondents to take a decision on the claim application of the petitioner seeking release of the amount lying deposited with Adarsh Credit Co-operative Society Ltd.

Case Title: Chetan Choudhary v. Union of India and Ors.

Citation: 2022 LiveLaw (Raj) 7