1. Rule. Learned counsel for the respondent waives service. By consent of parties, the petition is heard finally forthwith.

2. By this petition filed under Article 227 of the Constitution of India, the petitioners have impugned the order dated 3rd May, 2013, passed by the learned Divisional Joint Registrar, Co-operative Societies, Kolhapur Division, Kolhapur, dismissing the revision application filed by the petitioner under section 154 of the Maharashtra Co-operative Societies, Act, 1960 (for short “MCS Act”). Some of the relevant facts for the purpose of deciding this petition are as under:

3. The petitioners had obtained a loan for Rs.4,36,000/- on 31st Mach, 2015 from the respondent no.1, a Co-operative Credit Society. The petitioners committed default in making repayment of the said loan to the respondent no.1. The respondent no.1 filed an application for issuance of recovery certificate under section 101 of the MCS Act before the respondent no.7. The recovery certificates were issued in favour of the respondent no.1 bearing Nos.480 of 2009 and also 481 of 2009 for the sum of Rs.4,36,000/- with interest at the rate of 15% p.a. from 1st August, 2009 and Rs.5,00,000/- wit