1. Heard.

2. Rule. Rule returnable forthwith.

3. By consent of both the parties, this writ petition is taken up for final hearing and heard finally.

4. This writ petition filed under Articles 226 and 227 of the Constitution of India challenges the order dated 15/01/2011 passed by respondent No.2 Divisional Joint Registrar, Co-operative Societies, Aurangabad on the revision filed by respondent No.4 bearing No. 23/2010. This revision was filed under the provisions of Section 154 of Maharashtra Co-operative Societies Act (Henceforth referred as “the Act”).

The facts leading to the litigation are as under:

5. Respondent No.4 availed loan from the petitioner in year 2004 but despite of demands, did not repay the same fully. So, the petitioner Bank started proceeding under section 101 of the Act for getting certificate of recovery. Accordingly, on 29th September, 2006 a certificate under section 101 was issued against respondent No.4 directing her to pay a sum of Rs. 31,77,627/- + interest @ 18% per annum etc. Soon thereafter, the Bank initiated execution of this certificate and the Recovery Officer (Petitioner No. 2) appointed in the matter under provisions of Rule 2 (h), is