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

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