( 1 ) THE Appeal in these proceedings is directed against an order of a Learned Single Judge dated 15th February, 2007, dismissing Judges Order 494 of 2006 filed by the Appellant for the payment to it of a sum of Rs. 2. 12 Crores deposited by the Second respondent in an arbitration petition, along with the interest accrued thereon. The Appellant is a cooperative bank of which the First Respondent is a member. The Appellant had advanced monies to the First Respondent and upon a default committed by the First Respondent the Appellant instituted proceedings under section 101 of the Maharashtra Cooperative societies Act, 1960. The proceedings culminated in the issuance of a recovery certificate dated 14th September, 2006 in the total sum of rs. 4,09,79,406/. The Appellant was awarded further interest on the principal sum of Rs. 2,70,12,694/at the rate of 14% per annum from 1st July, 2006 till payment or realization.

( 2 ) THE Third Respondent to the Appeal had instituted two arbitration petitions (Arbitration Petitions 242 and 66 of 2005)against the First Respondent under Section 9 of the Arbitration and Conciliation Act, 1999 for interim relief pending arbitral p