B.P. DHARMADHIKARI, J.

1. In both these petitions, filed under Articles 226 and 227 of the Constitution of India, challenge is to the provisions of Rule 86E of the Maharashtra Cooperative Societies Rules, 1961 (hereinafter referred to as “the 1961 Rules” for short), with prayer to declare it as ultra vires to Article 14 of the Constitution of India. Petitioners in both the matters are creditors, and the Cooperative Society from whom they have borrowed loan, have instituted proceedings under Section 101 of the Maharashtra Cooperative Societies Act, 1960 (hereinafter referred to as “the 1960 Act” for short). One of their objection is, about availability of alternative remedy under Section 154 of the 1960 Act. Petitioners have urged that as constitutional validity of Rule 86E has been assailed, that remedy is not equally efficacious. The creditors assert that challenge is frivolous and only to avoid deposit of 50% of the amount claimed as mandated under Section 154(2). Accordingly we have proceeded further to consider the challenge.

2. In Writ Petition No. 92/2009, a certificate for recovery under Section 101 of the 1960 Act, has been issued on 11/13.08.2008, and thereafte