<h1>Liquidators appointed under Section 89 after winding up under Section 86 of MSCS Act, 2002; Section 123 inapplicable</h1> Liquidators were appointed to wind up four multi-state cooperative credit societies in Maharashtra to ensure time-bound payment to members after inspections prompted by multiple complaints. The societies were not 'specified' under the Multi-State Cooperative Societies Act, 2002, so administrators could not be appointed under Section 123. Following inspection reports and failure to satisfactorily respond to notices, winding-up orders were issued under Section 86 and liquidators appointed under Section 89 of the MSCS Act, 2002. The government highlighted that the MSCS (Amendment) Act and Rules, 2023 introduced provisions to better protect depositors' and members' rights.