1. Rule. Mr.Surel S. Shah, learned counsel for the respondent no.1 waives services. Mr.S.H. Kankal, learned A.G.P. for the respondent nos.2 and 3 waives service. Mr.V.V. Salunke, learned counsel for the respondent nos.4 and 5 waives service. Both the writ petitions are heard finally by consent of parties. The facts being identical in both these writ petitions were heard together and are being disposed of by a common judgment. Some of the relevant facts for the purpose of deciding these matters are as under:

2. The respondent no.1 had obtained a loan from the respondent no.4 in the sum of Rs.2,00,000/- in both these writ petitions. It is the case of the petitioners in both these writ petitions that the respondent no.1 had mortgaged the property bearing R.S. No.102/1c and the building constructed thereon being Milkat 304/1 and 2. The respondent no.1 committed default in making repayment of the loan to the respondent no.4. The respondent no.4 accordingly applied for issuance of the recovery certificate under section 101 of the Maharashtra Co-operative Societies Act, 1960 (for short “the said MCS Act”) before the respondent no.3. The respondent no.3 issued a certificate under