Bombay High Court Dismisses Petitions of Guarantors in Cooperative Bank Loan Recovery — Limitation Under Section 92(2) of Maharashtra Cooperative Societies Act, 1960 Applies, Not Limitation Act, 1963. Guarantors Held Liable as Nominal Members Under Section 73 of the Act, and Amendment Adding Them Relates Back to Date of Institution of Dispute....
The petitioners, who executed guarantee bonds for a loan advanced by respondent No.1 bank to respondent No.2 society, challenged the judgment of the Cooperative Appellate Court which upheld the Cooper...
