1. Rule, returnable forthwith.

2. Mr. Kshirsagar, learned Counsel appearing for respondent waives service. Heard finally by consent of parties.

Introduction

3. This petition, filed under Article 226 and 227 of the Constitution of India, is seeking to challenge the order dated 21st February, 2008 passed by Learned Presiding Officer of the Debt Recovery Tribunal, Pune (for short "DRT") in Securitisation Application No.41 of 2007 together with judgment and order passed by the Debts Recovery Appellate Tribunal, Mumbai (for short "DRAT") dated 24th August, 2007 in Appeal No.300 of 2007 and Miscellaneous Application No.856 of 2007 and seeking directions against the respondent calling upon it to deposit an amount of Rs.2 crores in DRT, Pune or with the petitioner bank as indicated in the impugned order by the DRAT.

Factual Matrix

4. The factual matrix giving rise to the present petition is, that the petitioner is a Cooperative Bank registered under the provisions of the Multi State Cooperative Societies Act,2002 (for short "the Act of 2002") as Multi State Cooperative Society (@the Cooperative bank@ for short) and carrying on business of banking under the license issued to it by