1. This Writ Petition is filed challenging the Judgment and Order dated 16/3/2002 passed by the Member, Co-operative Appellate Court, Aurangabad in Appeal No. 61 of 2001.

2. The background facts of the case as disclosed in the petition are as under.

The Respondent no. 1 herein advanced loan of Rs. 8,00,000/- in favour of petitioners on monthly instalment of Rs. 10,500/- with interest @ 11 % per annum. The petitioners herein executed hypothecation deed in favour of Bank. The rate of interest was not mentioned in the said deed. The petitioners herein requested the Respondent no. 1 - Bank to give him balance statement and statement of accounts, but, the Bank initially avoided to give him balance statement. The respondent no. 1 issued notice through respondent no. 2 to start proceeding under Section 101 of Maharashtra Co-operative Societies Act, 1960 (for short ‘the Act’). The petitioners in reply to said notice, contended that he paid huge amount in the month of March, 1996 and still the Bank is intending to initiate the proceedings under Section 101 of the Act and the balance of Rs. 6,86, 531.41 Ps. is shown in the notice issued to him. According to the petitioners, who a