JUDGMENT (Per DR. D.Y. CHANDRACHUD, J.) :

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 3 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 pendin

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