THE GOA STATE COOPERATIVE BANK LTD. vs SHRI KRISHNA NATH A. (DEAD) THROUGH LRS.

The Supreme Court ruled that under Section 109 of the Maharashtra Co-operative Societies Act, 1960, winding up proceedings must be concluded within six years unless extended by the Registrar. The Court held that the High Court's decision to terminate the winding up proceedings retroactively was erroneous, as it disregarded the statutory requirement for timely completion of liquidation. Consequently, the Supreme Court set aside the High Court's order, allowing the recovery proceedings to continue against the defaulting members of the Society.