JUDGMENT - KHANWILKAR A.M., J.:---Heard Counsel for the parties. Rule. Rule made returnable forthwith, by consent. Mr. Dharmadhikari, Senior Counsel i/b Mr. A.A. Joshi waives notice for respondents 1 and 2. Mr. M.H. Solkar, A.G.P. waives notice for respondent No. 3.

2. As short question is involved, petition is taken up for final disposal forthwith, by consent.

3. This writ petition filed by the petitioner bank essentially takes exception to the judgment and order passed by the respondent No. 3 dated 23rd July, 2003, directing parties to maintain status quo till further orders. The background in which the present petition has been filed and the facts relevant for deciding the point in issue, are as follows :-

(a) The petitioner bank had extended loan facilities to M/s. Mahaganesh Texpro Limited, of which, respondents 1 and 2 were directors at the relevant time. Besides, the respondents 1 and 2 had extended personal guarantees with regard to the loan facilities extended by the petitioner bank. The petitioner bank is essentially a co-operative society duly registered under the provisions of the Maharashtra Co-operative Societies Act, 1960. As the said borrower company was in default and inspite of several demands, the outstanding amount was not paid, the petitioner bank took recourse to remedy under section 101 of the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as the Act). In those proceedings, Recovery Certificate has been issued on 30th August, 2001 in favour of the petitioner bank for a sum of Rs. 2,58,94,363/- and against the said company as well as its directors, including respondents 1 and 2 herein. In terms of the said Recovery Certificate, petitioner No. 2, being the Recovery Officer, called upon the concerned to pay the amount, by notice dated 19th September, 2001, being sum of Rs. 3,13,51,800/- alongwith interest. The respondents 1 and 2 along with other guarantors, against whom Recovery Certificate has been issued, preferred Revision Application under section 154 of the Act. That Revision Application was, however, dismissed on 10th December, 2001. Against that decision, the respondent Nos. 1 and 2, alongwith others, filed writ petition in this Honble Court being Writ Petition No. 26 of 2002 (Original Side). This Honble Court, while entertaining the said writ petition, on 12th February, 2002, passed conditional order, which reads as follows :

"1. Rule. Respondent Nos. 1 to 3 waives service, through respective Advocates.

2. The petitioner shall deposit in this Court an amount of Rupees One crore towards the liability within a period of eight weeks from today. Upon such deposit being made, the Prothonotary Senior Master to invest the same in a Fixed Deposit of a Nationalised Bank initially for a period of three years and to renew the same thereafter till the disposal of the writ petition. The petitioners shall not create any third party rights in respect of the properties under attachment during the pendency of this petition."

(b) Against the above conditional order, the respondent Nos. 1 and 2 as well as other guarantors, who were also obliged to pay the amount in terms of the Recovery Certificate and the above noted conditional order, preferred appeal before the Division Bench of this Court being Appeal No. 363 of 2002. That appeal was disposed of on 23rd April, 2002. The Division Bench modified the order passed by the Single Judge to the limited extent as noted in its order, which reads as follows :

"1. Heard the learned Counsel appearing for the parties and the Counsel for Oman International Bank.

2. After hearing the parties, we modify the order of the learned Single Judge to the extent as follows :

3. The appellants shall deposit in this Court amount of Rs. 50,00,000/- in two instalments of Rs. 25,00,000/- each, first instalments to be paid on or before 16th June, 2002 and the second installment to be paid on or before 12th August, 2002. If the amount is deposited, respondent No. 3 bank will be

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