JUDGMENT:- By this writ petition, the petitioners, borrowers have challenged the judgment dated 27-1-2006 delivered by the Judge, Co-operative Court, Amravati, in Dispute No.222 of 2005 and the judgment dated 27-7-2006 delivered by the Member, Maharashtra State Co-operative Appellate Court, Mumbai, Nagpur Bench, Nagpur, in Appeal No. 10 of 2006 confirming it. Earlier also they filed a writ petition vide Writ Petition No.2460 of 2005 which was decided by this Court on 29-7-2005. Then dispute before the Co-operative Court was directed to be decided within six months from the date of judgment of this Court and the petitioner was protected subject to his furnishing bank guarantee for an amount of Rs.Three lakhs. It is in this background that the parties urged for expeditious disposal of writ petition itself on merits at the stage of admission. Accordingly, writ petition was heard from time to time and is being disposed of finally.

2. In view of the earlier litigation which ultimately resulted in filing of Writ Petition No.2460 of 2005, the facts are not much in dispute: Respondent No.1 before this Court is a Co-operative Society registered as Credit Cooperative Society having its registered office at Amravati, The petitioners had applied for loan to said bank in the year 199 t and accordingly loan of Rs.1,87,500/- was sanctioned to them. In the year 1993, respondent No.1. Society started recovery by instituting proceedings under section 101 of Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as the Act) and the Assistant Registrar Co-operative Societies accordingly issued a recovery certificate with interest @ 21 % per annum on 4-4-2000. The said recovery certificate was challenged by the petitioners by filing Revision under section 154 of Maharashtra Co-operative Societies Act vide Revision No.45 of 2000 and that Revision was dismissed on 20-8- 2001. The petitioner then filed Writ Petition No.3134 of 2001 before this Court and it appears that the learned Single Judge of this Court directed the petitioners to deposit amount of Rs.One lakh by order dated 4-9-2002. The petitioners filed Letters Patent Appeal Nd.169 of 2002. It was allowed but in the meanwhile, the petitioners deposited amount of Rs.One lakh. Writ Petition was ultimately allowed and the Divisional Joint Registrar was directed to hear both the parties and take fresh decision. The Revision was decided again on 20-9-2003 and recovery certificate was set aside and the matter was remanded back to lower authority. Taluqa Deputy Registrar, Amravati, on 2-12-2003 issued the recovery certificate under section 101 of the Act for amount of Rs.5,23,295/-. The petitioners again challenged said certificate vide Revision No.39 of 2003 and as it was not accompanied by mandatory deposit of 50% Writ Petition No.796 of 2004 was filed before this Court by the petitioners. This Court then directed the Divisional Joint Registrar to decide pending revision within 15 days. The Revision was again allowed and the matter was remanded back. Taluqa Deputy Registrar on 16-3-2005 granted recovery certificate for Rs.6,59,142/with future interest at 21% per annum with quarterly rests. The petitioners filed Revision No.21 of 2005 before the Divisional Joint Registrar and on 13-5-2005, the said Revision came to be dismissed. Writ Petition No.2460 of 2005 was then filed before this Court and the order as mentioned above came to be passed in it on 29-7-2005.

3. It appears that in the meanwhile, the present petitioners filed Dispute under section 91 of the Act sometimes in the month of March, 2005 before Co-operative Court and in it they sought direction to recalculate the outstanding amount in their loan account after adjusting fixed deposit amount of Rs.75,000/- with interest thereon and the amount of Rs.18,750/- invested towards shares on 17-5-1993 and dividend upon it and subsequent· payments made by the petitioners thereafter. Declaration was also sought that no amount was outsta

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