CHANDRACHUD D.Y. (Dr.), J.: - Rule, by consent of Counsel returnable forthwith.

Counsel appearing on behalf of the respondents waive service. By consent of Counsel and at their request taken up for hearing and final disposal.

2. The petitioner owns a plot of land at Santacruz Plot No. 52/1, 5th Road, TPS-III, Golibar, Santacruz (East), Mumbai - 400 055, on which there is a building consisting of a ground floor, two storeys and two garages. The petitioner has a residential flat admeasuring 2435 sq.ft. therein. Apart from the residential flat of the petitioner, the building is in the occupation of eight tenants. Until the petitioner and his family came to be dispossessed, the residential flat was occupied by the petitioner, his wife and son. The property was held jointly by the petitioner with his father. The petitioners father expired in September 2005, leaving behind his last Will and testament, by which the right, title and interest is bequeathed to the petitioner.

3. On 20th July, 2001, the petitioner availed of an Over Draft Facility in the amount of Rs. 25 lakhs from the first respondent against a mortgage of the aforesaid immovable property. The first respondent moved the Assistant Registrar, Co-operative Societies, for the recovery of its outstandings in a proceeding under section 10 1 of the Maharashtra Co-operative Societies Act, 1960. The Assistant Registrar issued a recovery certificate on 1st September, 2004 in the amount of Rs. 45,14,081/together with interest at the rate of 18% from 11th February 2004. The property was attached in pursuance of the recovery certificate. The property was put to auction sale in pursuance of a notice published by the first respondent on 30th September 2005. The auction notice covered a total of twenty three different properties including the property which forms the subject-matter of these proceedings. The auction was slated to take place on 14th November 2005 and the reserve price was fixed at Rs. 1,23,43,558/-. Prospective bidders were required to submit their offers on or before 15th October 2005 together with 10% of the amount of the reserve price as an earnest money deposit. The auction notice stipulated that in case the highest bidder fails to pay the price within the stipulated period, the earnest money would stand forfeited.

4. The third respondent submitted an offer in the amount of Rs. 1,24,50,000/- and on 14th November, 2005, the first respondent informed him of the acceptance of the offer. The balance of Rs. 1,12,14,000/- after giving due credit for the earnest money that had already been paid, was required to be paid within a period of fifteen days. The letter of acceptance stated that the auction was on as is where is basis. The third respondent made an endorsement to the following effect at the foot of the letter of acceptance:

"Received and accepted with following terms:

Note: you will have to give vacant possession of:

1. self occupied flat of 2200 sq.ft.

2. Comml premises occupied by Fabrik Eng :

275 sq.ft. approx.

3. Garage (one) and

4. Marketable title as mentioned by us in tender submitted to you." The third respondent addressed a letter dated 14th November, 2005 to the first respondent acknowledging receipt of the letter of acceptance. However, by his letter, the third respondent sought an extension of a period of thirty days for the payment of the balance.

5. On 14th November 2005, the petitioner filed a Writ Petition in this Court under Article 226 of the Constitution (WP 7806 of 2005) for impugning the recovery certificate issued under section 101 of the Maharashtra Cooperative Societies Act, 1960, and the attachment of the property. An ad interim order was passed by a learned Single Judge on 16th November, 2005 by which the first respondent was directed not to dispossess the petitioner. The third respondent also made a statement that he will not transfer the property or create any third party rights therein. The third respondent paid an amount of Rs. 6.45 lakhs being th

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