Recovery measures
During the reporting year the society filed 17 new claims under Section 96 of the Co-operative Societies Act before the Board of Nominees (arbitration court) to recover overdue loans totalling ₹18,76,008, against which ₹3,32,747 has been recovered. Proceedings against 10 members for loans totalling ₹8,48,982 were filed in the civil court, of which ₹4,73,376 has been recovered.
Under Section 138 of the Negotiable Instruments Act, 74 new cases were filed to recover ₹60,66,528, against which ₹22,66,437 has been recovered.
In all, ₹30,72,560 has been recovered, and strict action to recover overdue dues continues.
Members and guarantors are specially requested to repay their own loans — and the loans they have guaranteed — regularly, so that no claims or guarantee issues arise later.