1. By this Petition filed under Article 226 and 227 of Constitution of India, petitioners who claim to be owners of Flat No.4/99 in complex of one Prashanti Mangaldham Cooperative Society Ltd. have questioned the order passed by Divisional Joint Registrar, Co-operative Societies, Mumbai in Revision Application No. 36/1998 dismissing their revision and thereby confirming their proclamation for sale issued on 22nd November, 1997. It is not in dispute that said proclamation is issued by the Dy. Registrar in exercise of powers under Section 156 read with Section 101 of Maharashtra Co-operative Societies Act,1960 and Rule 107 of 1961 rules framed thereunder. (Said Act is referred to as 1960 Act hereinafter). This Court has on 21st December, 1998 granted ad-interim relief and stayed that proclamation. Said interim order continues to operate even today.

2. Case of Petitioner is he has been placed in possession of suit flat on 7th February, 1995 by Partner of respondent no.4. The said Partner namely Mr. Madhukar Sawant has entered into an agreement for sale with him on 20th December, 1994. The petitioner got knowledge on 2nd January, 1995 about the recovery proceedings initiated