R.D. DHANUKA, J.

1. By an order dated 21st July, 2014, this Court has put the parties to notice that this writ petition may be heard and disposed of finally at the stage of admission. This Court has thus heard all the parties at length. The writ petition is thus being disposed off finally at the admission stage. Some of the relevant facts for the purpose of deciding this writ petition are as under.

2. The respondent no. 2 was a guarantor in respect of the loan transaction between the respondent no. 5 and the principal borrower Mr. Ramkisan Walmik Kajale. The said Mr. Ramkisan Walmik Kajale committed a default in making repayment of the loan to the respondent no. 5 society. The respondent no. 2 also committed a default in making repayment of the loan as a guarantor to the respondent no. 5. The respondent no. 5 initiated the recovery proceedings under the provisions of section 101 of the Maharashtra Co-operative Societies Act, 1960 (for short the said “MCS Act”) against the said borrower Mr. Ramkisan Walmik Kajale and the respondent no. 2. The Assistant Registrar, Co-operative Societies, Deola issued a certificate under section 101(2) of the MCS Act in favour of the responden