Smt. Ranjana Desai, J.

1. In all these petitions, the petitioner is the Arjun Urban Co-operative Bank Limited. The petitioner is a Society registered under the relevant provisions of the Maharashtra Co-operative Societies Act, 1960 and is running a business of banking as per the provisions of the Banking Regulations Act, 1945. All the petitions can be disposed of by this common judgment because

admittedly, issues involved in them are common.

2. We take Criminal Writ Petition No.1188 of 2008 as the lead petition.

3. The case of the petitioner is that one Mr. Nilamkumar D. Gangi, proprietor of Hindmata Cloth Emporium (for short, “the said borrower”), availed cash credit loan facility of Rs.7,00,000/- from the petitioner and offered security by mortgaging a flat being Flat No.T-5, sitauted at Modikhana, Gulmohar Building, 3rd floor, B Wing, Near Nath Plaza, Solapur. He is respondent 3 herein. One Mr. Rajan M. Habib, Prashant P. Gangi and Mr. Neeta Nirmalkumar Gangi stood as guarantors for him. In short, the case of the petitioner is that the said borrower failed and neglected to repay the loan amount. The petitioner, therefore, initiated action under the Securitization and Reco